EU Parliament Passes Resolution, Supports Steel Industry Revival Plan

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The European Parliament has “passed a resolution backing a plan to revive the bloc’s steel industry, calling on the European Commission and member states to adopt “economically feasible” climate and energy targets,” reports Reuters.

“The resolution comes just two weeks after the Commission scaled down its 2030 climate and energy targets and underlines a new sense of pragmatism in Brussels at a when European growth is slow.”

“In a move unlikely to be popular with the green lobby, the resolution said the most energy efficient steel plants in Europe should not have to bear any additional costs resulting from EU climate policies.”

“It was not immediately clear how the resolution will tally with attempts by the Commission to prop up the EU carbon prices by delaying the sale of, or backloading, carbon permits – a major additional cost for industries like steel.”

In metal price news for steel…

With a 0.5 percent increase over the past day, the spot price of the US HRC futures contract was the biggest mover on Tuesday, February 4. The US HRC futures contract 3-month price held steady yesterday.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC saw essentially no change for the fifth day in a row. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.

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The cash price of steel billet held steady on the LME at $365.00 per metric ton. The steel billet 3-month price saw little movement on the LME at $360.00 per metric ton.