World steel production had a positive October. Output “rose 6.6 percent in October compared to output a year ago, with China — the world’s biggest producer — outpacing overall growth, World Steel Association data showed on Wednesday,” reports Reuters.
“The evolution of steel production is a key indicator of activity in the industrial sector.”
“Leading producer China recorded a growth of 9.2 percent in October to 65.1 million tonnes, while Japan’s production was up 7.7 percent to 9.5 million tones. US production jumped 8.7 percent to 7.4 million tonnes, and in the European Union, production was up 4.0 percent. Germany, the biggest producer in the European Union, recorded a rise of 1.9 percent, while Spain showed a jump of 23.9 percent and Britain 17.9 percent. Italy, the bloc’s second-biggest producer, however posted a fall 10.1 percent while France’s, the EU’s third largest, slid 1.8 percent.”
Chinese HRC saw a 0.6 percent drop on Tuesday, November 19, making it the biggest mover of the day. The price of Chinese coking coal held steady, as did the price of Chinese slab. The price of iron ore 58% fines from India were range bound.
Also on the LME, the steel billet cash price held steady around $225.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $235.00 per metric ton.
The US HRC futures contract 3-month price saw little movement yesterday, closing out around $658.00 per short ton. The spot price of the US HRC futures contract showed little movement yesterday at $668.00 per short ton.