United States Steel Corp announced on Tuesday that “it will permanently shut down iron and steelmaking operations at its Hamilton, Ontario, mill at the end of this year,” reports Reuters.
“The integrated mill was idled in 2010, but the steelmaker had not ruled out restarting production if the market improved. Coke-making and steel finishing operations in Hamilton are not affected, said U.S. Steel spokeswoman Courtney Boone.”
Following a three-day flat streak, the 3-month price of the US HRC futures contract dropped by 0.8 percent to end at $645.00 per short ton on Tuesday, October 29. The US HRC futures contract spot price held steady at $651.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal was unchanged.
Also on the LME, the cash price of steel billet showed little movement on Tuesday, hovering around $215.00 per metric ton. On the LME, the 3-month price of steel billet remained essentially flat at $230.00 per metric ton.