Tata Steel “is talking to banks about raising $1 billion from an overseas bond sale to refinance a part of its existing debt, two sources with direct knowledge of the matter said on Tuesday,” reports Reuters.
“India’s biggest steelmaker, which paid $13 billion for Anglo-Dutch group Corus in 2007, could launch the bond issue by the end of this year, said the sources.”
At $245.00 per metric ton, the steel billet 3-month price moved up 2.1 percent on Monday, October 7, making it the day’s biggest mover on the LME. After a 0.2 percent increase, the steel billet cash price finished the day on the LME at $220.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. For the fifth day in a row, the price of Chinese HRC remained essentially flat. The price of Chinese coking coal continues to hover for the fifth day in a row.
The US HRC futures contract 3-month price held steady on Monday, remaining around $640.00 per short ton. The US HRC futures contract spot price remained essentially flat at $648.00 per short ton.