Mittal’s Aperam and consortium members have “raised its bid for Italian steel plant Terni that its competitor Outokumpu has to sell, a deal that would reshape the European stainless steel industry,” reports Reuters.
“The consortium, including Italian steelmakers Arvedi and Marcegaglia, submitted the higher bid last week – because Outokumpu sees all bids so far as too low – and it is valid until Friday, two sources with knowledge of the situation said.”
“‘For Outokumpu all that matters at the moment is getting their debt down but the sale of this plant now will not strengthen their balance sheet considerably. If it strengthens it somewhat they are already lucky,’ an industry expert said.”
“But that plant is a champ in the strategic Italian market and Aperam could get it for a very attractive price.”
On Thursday, November 21, the US HRC futures contract 3-month price fell by 0.8 percent, landing at $650.00 per short ton and making it the day’s biggest mover. For the fifth day in a row, the spot price of the US HRC futures contract remained essentially flat at $668.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC showed little movement on Thursday. The price of Chinese coking coal continues to hover for the fifth day in a row.
The cash price of steel billet remained essentially flat at $225.00 per metric ton on the LME. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $235.00 per metric ton.