Nucor Corp. reported better earnings in Q4, but their first-quarter forecast missed some estimates due to falling steel prices.
Analysts see a relatively flat steel market ahead. For example, my crush in the analyst world, Timna Tanners of Bank of America, said in a note, “The price of hot-rolled steel coil, the benchmark product used in manufacturing may be little changed in 2014 at $625 a short ton compared with $627 a ton in 2013.”
What Are Steel Prices Doing on the MetalMiner IndX?
Chinese steel prices closed flat for the day. The high and low prices of iron ore 58% fines from India stayed under $140 per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row. Chinese coking coal stayed flat as well.
Also on the LME, the steel billet cash price held steady around $365.00 per metric ton. The steel billet 3-month price saw little movement on Wednesday on the LME, closing out around $360.00 per metric ton.
The 3-month price of the US HRC futures contract showed little movement on Wednesday, hovering around $628.00 per short ton. The spot price of the US HRC futures contract was unchanged at $672.00 per short ton.