Vale SA’s third quarter profit is expected to nearly double compared to last year. According to Reuters, the uptick is “a result of higher iron ore prices and sales volumes.”
“Profit, or net income, is also expected to rise as a result of sharp cuts in the company’s expansion programs and the weakening of Brazil’s real against the U.S. dollar, analysts said. Net income for the three months ending Sept 30 is expected to rise 98 percent to $3.3 billion, compared with 1.67 billion in the same period a year earlier, according to the average estimate of seven analysts surveyed by Reuters.”
“Vale plans to release its financial and production results on Wednesday after markets close in Brazil.”
On Tuesday, November 5, the cash price of steel billet fell by 2.1 percent on the LME, landing at $230.00 per metric ton and making it the day’s biggest mover. Also on the LME, the steel billet 3-month price showed little movement yesterday, hovering around $240.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC remained steady. For the fifth consecutive day, the price of Chinese coking coal held flat.
The 3-month price of the US HRC futures contract declined 0.8 percent to $645.00 per short ton. After a 0.2 percent increase, the spot price of the US HRC futures contract finished the day at $660.00 per short ton.