French President Francois Hollande visited the Florange ArcelorMittal steel factory on Thursday. “[S]eeking to regain the support of steel workers angered over his failure to stave off redundancies, [Hollande] said …he would return to their plant every year to ensure promised investment went ahead” reports Reuters.
“The Socialist president announced the creation of a public research center for the steel industry after touring parts of the Florange plant that have been modernized with a $243 million investment by owners ArcelorMittal.”
The week’s biggest mover on the weekly Raw Steels MMI® was the US HRC futures contract 3-month price, which saw a 0.5 percent decline to $625.00 per short ton. This comes on the heels of a 0.8 percent increase the week before. US shredded scrap fell 0.3 percent over the past week. Last week, the US HRC futures contract spot price shifted slightly, rising by 0.2 percent to close at $643.00 per short ton.
Korean steel scrap saw a 2.9 percent decline this week, making it the week’s biggest mover on the weekly Raw Steels MMI®. Korean pig iron remained unchanged for the week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. Closing out the third week of declining prices, the price of Chinese slab dropped by 0.6 percent. Prices for Chinese HRC remained constant. Following a steady week, prices for Chinese coking coal closed flat.
Following a 34.3 percent increase in the week prior, the 3-month price of steel billet fell 2.1 percent on the LME last week to $230.00 per metric ton. At $200.00 per metric ton, the steel billet cash price finished the week 0.5 percent higher on the LME.
The 3-month price of the US HRC futures contract fell 0.5 percent to $625.00 per short ton after rising 0.8 percent the week before. US shredded scrap saw a 0.3 percent decline over the past week. The spot price of the US HRC futures contract shifted up 0.2 percent to close at $643.00 per short ton this week.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.