Korean Steel Scrap Moving Again; ArcelorMittal Turning A Corner?

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ArcelorMittal is reporting positive news, noting that the “two-year slump was over and prospects for 2014 were looking up, after higher U.S. steel shipments and mining output boosted third-quarter profits,” reports Reuters.

“‘The economic indicators do suggest that we are turning a corner and we are cautiously optimistic on the prospects for 2014,’ Chief Financial Officer Aditya Mittal told a conference call, adding that the firm’s own composite index of manufacturing surveys was at a two-year high.”

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Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India were range bound. Closing out a three-day flat streak, the price of Chinese slab moved up 1.1 percent. The price of Chinese HRC showed little movement yesterday.

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After falling for two days, the cash price of steel billet rose 2.2 percent on the LME to $235.00 per metric ton. The 3-month price of steel billet weakened by 2.1 percent on the LME, settling at $235.00 per metric ton.

The 3-month price of the US HRC futures contract steadied at $645.00 per short ton following two-days of dropping prices. The US HRC futures contract spot price steadied at $660.00 per short ton following two-days of increases.