Turkey Steel Production to Up 8% in 2014; Korean Steel Scrap Down

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Good news for Turkey… “Turkey’s steel production is expected to grow by 8 percent this year to 37.5 million tonnes thanks to global economic recovery, big infrastructure investments and urban regeneration projects ahead of local elections, its Steel Producers Association said,” reports Reuters.

“Turkey was among the countries whose steel output fell by the most last year – by 3.4 percent to 34.65 million tonnes, the association’s secretary-general, Veysel Yayan, told Reuters in answers to e-mailed questions.”

“Idle capacity in the world steel sector and squeezed profit margins weighed on competition and increasing imports, curbing Turkey’s steel output in 2013, Yayan said. But the picture was expected to turn rosier this year, he said.”

“‘Along with the recovery in the global economy and local elections, giant infrastructure investments as well as urban regeneration projects will help accelerate Turkey’s steel consumption,’ he said.”

In metal  price news for steel…

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC held steady. The price of Chinese coking coal remained essentially flat.

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Also on the LME, the cash price of steel billet saw little movement yesterday at $365.00 per metric ton. The 3-month price of steel billet remained essentially flat on the LME at $360.00 per metric ton.

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The US HRC futures contract 3-month price showed little movement yesterday, hovering around $628.00 per short ton. The US HRC futures contract spot price was unchanged at $672.00 per short ton.