Hot-Rolled Coil Up, Schumer Stumps for Import Duties Again

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Imports of cheap steel subsidized by Turkey and Mexico threaten the  jobs of workers at the Nucor steel plant in Auburn, New York and should be subject to import duties, U.S. Sen. Charles Schumer said today. Schumer has been pushing for duties on Turkish and Mexican imports for months and used the appearance at the Nucor plant to reiterate his support for them.

On Friday, March 28, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.5 percent increase to $643.00 per short ton. This increase comes after two straight days of stagnant prices. The US HRC futures contract spot price saw little movement last Friday, closing out around $625.00 per short ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.19) and a low price of CNY 830.00 ($133.58) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,360 ($540.75) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($223.70) per metric ton.

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Also on the LME, the steel billet cash price saw little movement last Friday at $390.00 per metric ton. The steel billet 3-month price remained essentially flat at $400.00 per metric ton on the LME.

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