With its JV partner Tokyo-based Marubeni Itochu Steel Inc, JSW Steel Ltd is setting up its second steel processing center in Pune. “The two partners had earlier formed 50:50 joint venture and set the first steel processing centre at Palwal in Haryana,” reports Reuters.
The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 4.8 percent increase on the LME to $209.50 per metric ton. Last week marked the fourth in a row of rising prices for the metal. The 3-month price of steel billet rose 2.2 percent on the LME to $235.00 per metric ton after falling 2.1 percent during the previous week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. Chinese HRC prices were off slightly, down from a week ago. The price of Chinese coking coal did not change since the previous week. The price of Chinese slab fell 0.6 percent over the past week. This was the fourth week in a row of declining prices.
The 3-month price of the US HRC futures contract rose 1.6 percent after falling 0.5 percent during the previous week. The US HRC futures contract spot price fell 1.2 percent after rising 0.2 percent the week before. The price of US shredded scrap rose 0.6 percent after falling 0.3 percent during the previous week.
Korean steel prices were flat for the week. Korean steel scrap remained essentially flat from the previous week. Following a steady week, prices for Korean pig iron closed flat.
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