Ford Recalls 2013 Escape SUVs Again; Steel Billet 3-Month Price Improves Slightly

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For the seventh time, Ford is recalling its 2013 Escape SUV.

“There have now been seven recalls of the 2013 model of the Escape, a key SUV for Ford, the No. 2 U.S. automaker. The recalls affected 161,334 Escape SUVs globally, mostly in the United States, and addressed potential leaks that could cause a fire,” reports Reuters.

“Escape sales in the United States were up 14 percent through October this year to 250,543 vehicles, making it the second-best selling Ford product behind the F-Series pickup trucks, and No. 2 to Honda Motor Co’s CR-V in the SUV segment. The Escape was completely redesigned for the 2013 model year.”

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“Ford is recalling the Escape SUVs from the 2013 model year equipped with 1.6-liter engines because the engine cylinder head may overheat and cause cracks that could allow oil to leak, according to documents filed with the U.S. National Highway Traffic Safety Administration. A Ford spokeswoman said there were 13 fires reported related to this issue, but no injuries.”

The 3-month price of steel billet saw the biggest upwards shift for the day, rising 2.2 percent on the LME to close at $235.00 per metric ton on Monday, November 25. Also on the LME, the cash price of steel billet increased 2.2 percent to $235.00 per metric ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. Chinese HRC held its value yesterday. The price of Chinese coking coal saw essentially no change for the fifth day in a row.

The 3-month price of the US HRC futures contract remained essentially flat at $650.00 per short ton. The spot price of the US HRC futures contract continues hovering around $668.00 per short ton for the fifth day in a row.