JSW Steel reported positive news today. The company noted “a 78 percent rise in November production at 10.72 lakh tonnes, driven by a strong output growth in flat products,” reports The Economic Times.
“The company had produced 6.03 lakh tonnes steel in the same month last year, it said in a statement. The production of flat products grew by 61 per cent to 8.31 lakh tonnes from 5.15 lakh tonnes during the year ago period.”
“However, production of long products fell by 14 per cent to 1.44 lakh tonnes compared to 1.67 lakh tonnes in November last year.”
In metal price news…
Chinese slab saw a 0.6 percent increase on Friday, December 6, making it the biggest upwards shift of the day. Chinese HRC saw little change in its price last Friday. Chinese coking coal held its value last Friday. The price of iron ore 58% fines from India was range bound.
Also on the LME, the steel billet cash price saw little change in its price last Friday at $250.00 per metric ton. The steel billet 3-month price held steady last Friday on the LME, remaining around $250.00 per metric ton.
The US HRC futures contract 3-month price held steady around $650.00 per short ton. The US HRC futures contract spot price showed little movement last Friday at $676.00 per short ton.