BHP Billiton Ups Its 2014 Iron Ore Target; Chinese HRC Down

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BHP Billiton is feeling confident and “upgraded its iron ore production target for fiscal 2014 while petroleum output hit a quarterly record, as it ramps up output to capture more of a slower-growing market for raw materials, reports Reuters.

“Iron ore benefited from multi-billion-dollar expansion work underway in Australia that will lift fiscal 2014 output to 212 million tonnes, up from a previous target of 207 million, BHP said in its fiscal first-quarter production report.”

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Following a three-day flat streak, the price of Chinese HRC dropped by 0.6 percent on Monday, October 21. Chinese slab ended the day, after the 0.3 percent drop yesterday. The price of Chinese coking coal was unchanged. The price of iron ore 58% fines from India was range bound.

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The cash price of steel billet saw little price change yesterday on the LME at $215.00 per metric ton. The steel billet 3-month price remained essentially flat on the LME at $230.00 per metric ton.

The 3-month price of the US HRC futures contract changed direction with a 0.3 percent drop — after two days of improving prices. The US HRC futures contract spot price saw little movement on Monday.