10-day Strike at Venezuelan Steelmaker Sidor is Over

by on

“A 10-day strike at Venezuelan steelmaker Sidor is over after workers reached agreement with management over benefits claims stretching back years, union and company sources,” reports Reuters.

“Sidor has an installed annual capacity of 5 million tonnes, but output has tumbled since its nationalization five years ago due to frequent protests and insufficient investment.”

On Friday, September 27, the day’s biggest mover was the price of Chinese HRC, which saw a 1.1 percent decline. This was the first move after three changeless days. Chinese slab prices weakened by 0.3 percent. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Monday, September 23. The price of Chinese coking coal continues to hover for the fifth day in a row. The price of iron ore 58% fines from India was range bound.

* Get the complete prices every day on the MetalMiner IndX℠

The steel billet cash price saw little price change last Friday on the LME at $209.00 per metric ton. On the LME, the steel billet 3-month price showed little movement last Friday, hovering around $230.00 per metric ton.

For the fifth day in a row, the US HRC futures contract 3-month price remained essentially flat at $625.00 per short ton. The spot price of the US HRC futures contract held steady last Friday, remaining around $645.00 per short ton.