US Airways And American Airlines To Merge; Steel Billet Declines

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I looks as though “US Airways Group Inc and American Airlines will be allowed to merge to become the world’s largest airline after they agreed to give low-cost competitors more access to several key U.S. airports, including in New York and Washington,” reports Reuters.

“The agreement, subject to court approval, ends a U.S. Department of Justice lawsuit filed in August. The government opposed the merger of US Airways and AMR Corp, parent of bankrupt American Airlines, on the grounds it would hinder competition and lead to higher fares.”

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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 was essentially unchanged. Chinese coking coal saw little change in its price yesterday.

On the LME, the steel billet cash price declined 2.2 percent to $225.00 per metric ton. Also on the LME, the steel billet 3-month price fell 2.1 percent to $235.00 per metric ton.

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The US HRC futures contract 3-month price increased 0.6 percent to $664.00 per short ton. The spot price of the US HRC futures contract weakened by 0.3 percent, settling at $665.00 per short ton.