While raw steels closed mainly flat for the day, ArcelorMittal is still bullish on specialized steel, investing $15 million at its Brazilian facility to produce structural steel for the automotive industry by next year. The multinational is investing around $15 million in the production of advanced high strength steel at its Vega do Sul flat steel rolling mill in the state of Santa Catarina in southern Brazil.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India fluctuated in a short range. The price of Chinese HRC was essentially unchanged. The price of Chinese coking coal held steady. Also on the LME, the cash price of steel billet held steady around $390.00 per metric ton. The 3-month price of steel billet held steady last Friday on the LME, remaining around $400.00 per metric ton.
The US HRC futures contract 3-month price saw little change last Friday at $623.00 per short ton. The US HRC futures contract spot price remained essentially flat.