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.”
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.
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.