In a recent interview, the Libyan Iron and Steel Company (Lisco) noted that it “is planning slightly higher overall production next year, its chairman told Reuters, but shortages of electricity and gas will continue to disrupt its recovery following the country’s civil war,” (Reuters).
“Chairman Mohamed Abdelmalik al-Faqih said that despite problems in producing base liquid steel, the company would expand its capacity in finished products in 2014, and was seeking a new market in Algeria while demand in Egypt and southern Europe remains weak.”
“State-owned Lisco, one of North Africa’s biggest steel makers, was launched under Muammar Gaddafi as Libya tried to diversify from oil exports. It shut down operations during the 2011 NATO-backed uprising which ousted Gaddafi and resumed production last year.”
The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 7.1 percent increase on the LME to $300.00 per metric ton. This week marked the third in a row of rising prices for the metal. The 3-month price of steel billet increased 1.8 percent on the LME this week, closing out the fourth consecutive week of rising prices at $285.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India was range bound. Following a 1.1 percent increase in the week prior, the price of Chinese slab fell 0.3 percent last week. Prices for Chinese HRC remained constant, closing the week. Following a steady week, prices for Chinese coking coal closed flat.
Closing out the third week of rising prices, the price of US shredded scrap increased by 2.0 percent. The 3-month price of the US HRC futures contract closed at $643.00 per short ton after a flat week. The US HRC futures contract spot price traded sideways last week, hovering around $676.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap remained unchanged for the week. Korean pig iron traded sideways last week.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.