Nippon Steel Sees Smoke Again; US HRC Futures 3-Mo Lower

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More smoke for Nippon Steel… “A power failure and smoke release occurred at Nippon Steel & Sumitomo Metal Corp’s Nagoya steel plant in central Japan on Monday, just three days after the facility was hit with similar problems,” reports Reuters.

“At 9:10 local time (0010 GMT) a power failure occurred and smoke started to billow from a coke oven, a company spokesman said, adding the smoke stopped about two hours later.”

“The entire plant had been shutdown on Friday when flames and smoke escaped from a coke oven after an electricity outage. The company said the smoke and flames came from a process to burn off gas accumulated during operations and not from a fire.”

In metal price news for steel…

The 3-month price of the US HRC futures contract saw the biggest decline of the day, dropping 0.2 percent to close at $630.00 per short ton on Friday, January 17. The spot price of the US HRC futures contract remained essentially flat at $675.00 per short 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 stayed flat. The price of Chinese coking coal continues to hover for the fifth day in a row.

Also on the LME, the steel billet cash price held steady around $350.00 per metric ton. The 3-month price of steel billet showed little movement last Friday on the LME at $355.00 per metric ton.