Vale SA is have a good quarter. The company “is poised to deliver its first quarterly profit increase in more than two years after costs declined and iron-ore prices beat analysts’ forecasts,” reports Bloomberg.
“The world’s largest iron-ore producer on Nov. 6 will post third-quarter net income of $2.8 billion,data compiled by Bloomberg show. That would be 70 percent more than a year earlier and the first increase since the second quarter of 2011. Vale’s 96 percent estimated increase in year-on-year earnings per share is the most among 14 global peers, according to Bloomberg Industries.”
On Friday, November 1, the steel billet cash price experienced the biggest change, rising 9.1 percent on the LME to $240.00 per metric ton. The steel billet 3-month price rose by 6.5 percent on the LME to $245.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India were range bound. After a few days of little change, the price of Chinese HRC jumped 0.3 percent. The price of Chinese coking coal was unchanged.
The 3-month price of the US HRC futures contract remained essentially flat at $655.00 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $651.00 per short ton.