Nippon Steel Names New President; Korean Steel Scrap Declines

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Nippon Steel & Sumitomo Metal Corp is switching things up! The company “said on Thursday that Executive Vice President Kosei Shindo will replace Hiroshi Tomono as president effective April 1,” reports The Economic Times.

“Tomono, who also holds the title of chief operating officer, will become vice chairman, while Chief Executive Officer and Chairman Shoji Muneoka will remain chairman.”

In metal price news for steel…

Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC rose by 0.3 percent. The price of Chinese slab fell 0.3 percent yesterday after three straight days with no change.

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The cash price of steel billet saw little movement yesterday on the LME, closing out around $350.00 per metric ton. On the LME, the steel billet 3-month price remained essentially flat at $355.00 per metric ton.

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The US HRC futures contract 3-month price flattened at $633.00 per short ton after two days of downward movement. The spot price of the US HRC futures contract held steady around $675.00 per short ton.