Some positive news for Tata Steel. They company “has won a new contract to supply Britain’s Network Rail with more than 95 percent of its rails for at least five years,” reports Reuters.
“The Indian firm, which has been struggling to produce steel profitably in Britain due to shrinking demand plus high production, labour and logistics costs, said on Monday it could supply more than 1 million tonnes of rail under the contract.”
At $652.00 per short ton, the 3-month price of the US HRC futures contract moved up 2.7 percent on Friday, October 18, making it the day’s biggest mover. After a couple of days of improving prices, the US HRC futures contract spot price held steady at $650.00.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
Also on the LME, the steel billet cash price showed little movement last Friday, hovering around $215.00 per metric ton. On the LME, the 3-month price of steel billet held steady around $230.00 per metric ton.