Pres. Obama To Visit ArcelorMittal Ohio Plant; US Shredded Scrap Up 3.1%

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President Barack Obama will be visiting the ArcelorMittal Cleveland plant on Thursday, with a plan to discuss the U.S. economy, reports Reuters.

“Obama will talk about the recovery of the U.S. auto industry, the energy benefits of auto fuel-efficiency standards, and the attractiveness of the United States for foreign investment when he visits the ArcelorMittal Cleveland facility, the White House said.”

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“The company has brought back workers furloughed in 2008 during the U.S. recession and has added 150 new jobs, the White House said in a statement.”

“‘Industries like steel that rely heavily on demand from the auto manufacturers, including fabricated metals and machinery, have been the source of most of U.S. manufacturing job growth since early 2010,’ the White House said in a statement.”

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. In the past week, Chinese HRC saw its price shift up 2.3 percent. Chinese coking coal rose 1.5 percent over the past week. The price of Chinese slab fell 0.3 percent after rising 1.1 percent the week before.

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On the LME, the 3-month price of steel billet remained steady from the previous week at $235.00 per metric ton. This past week, the cash price of steel billet kept quiet, holding at on the LME at $235.00 per metric ton.

Korean steel prices were flat for the week. Korean steel scrap remained essentially flat from the previous week. The week finished with no movement for Korean pig iron.

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