Fortescue Posts Sharp Rise In Shipments; Big Drop For Steel Billet Cash Price
Australia’s Fortescue Metals Group is paying off their debt! The company “posted a sharp rise in shipments in the September quarter as a $9 billion mine expansion programme nears completion and ore prices strengthened,” reports Reuters.
“The company also said on Thursday it has used its strong cash flow to start paying off debt amassed to build the project, with net debt currently at $9.3 billion.”
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The steel billet cash price saw a 6.5 percent drop on the LME on Wednesday, October 16, landing at $215.00 per metric ton and making it the biggest mover of the day. On Wednesday, the 3-month price of steel billet experienced a large decrease, rising 4.5 percent on the LME to land at $230.00 per metric ton.
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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC saw essentially no change for the fifth day in a row. The price of Chinese coking coal was unchanged.
After three straight days of no change, the US HRC futures contract 3-month price decreased by 0.3 percent. The spot price of the US HRC futures contract rose by 0.3 percent after a three-day flat streak.