Steelmaker Evraz is seeing a decline in their output for its third-quarter crude steel, which “fell 3.1 percent from the previous quarter to 3.96 million tonnes due to maintenance works at Russian plants and lower production at Czech and South African mills,” reports Reuters.
“In year-on-year terms, the output rose 1.4 percent, the company said in a statement.”
“Average selling prices for most key steel product groups continued to be impacted by the downward trends in the global steel market”, the firm said in a statement.
With a 0.8 percent increase over the past day, the spot price of the US HRC futures contract was the biggest mover, closing at $650.00 per short ton on Thursday, October 17. The US HRC futures contract 3-month price gained 0.3 percent to finish at $635.00 per short ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India were range bound. Chinese slab continued its trend downwards, declining 0.3 percent. The price of Chinese HRC held steady.
The cash price of steel billet saw little price change on Thursday on the LME at $215.00 per metric ton. On the LME, the 3-month price of steel billet remained essentially flat at $230.00 per metric ton.