It was a rough week for POSCO, the South Korean steelmaker, who “posted a steeper-than-expected 47 per cent year-on-year fall in its third-quarter operating profit on Thursday, weighed down by declining sales and a prolonged slump in steel prices,” reports The Economic Times.
“The world’s fifth largest steelmaker reported an operating profit of 443 billion won ($419.5 million), below an average forecast of 498 billion won”
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. After a 0.6 percent decline, Chinese HRC closed out the week. The price of Chinese slab fell 0.6 percent after rising 0.9 percent the week before. The price of Chinese coking coal did not change since the previous week.
On the LME, the 3-month price of steel billet closed at $230.00 per metric ton after a flat week. The steel billet cash price stayed essentially flat on the LME at $215.00 per metric ton.
Korean steel prices were flat for the week. The week finished with no movement for Korean steel scrap. Korean pig iron remained essentially flat from the previous week.
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