Outokumpu Wins 700-Ton Order in India; Steel Billet Declines

Outokumpu is having a good day. On Tuesday, the company “said it has won 700 tonne order in India and plans to focus on selling premium grade steel to nuclear and thermal power projects in the country,” reports the chronically copy-error-prone Economic Times.

“Besides, it plans to make thrust in areas such as oil and gas industry and coastal bridges.”

In metal price news for steel…

Following two days of increases on the LME, the cash price of steel billet dropped by 2.5 percent to end at $350.00 per metric ton on Tuesday, January 14. Following a couple days of improvement, the steel billet 3-month price weakened by 1.4 percent on the LME. Prices closed at $355.00 per metric ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC held its value yesterday. The price of Chinese coking coal showed little movement yesterday.

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The 3-month price of the US HRC futures contract declined 0.2 percent to $633.00 per short ton. The spot price of the US HRC futures contract held steady around $675.00 per short ton.