Indian Steelmakers Cut Prices; Schumer, Nucor Want Steel Import Duties

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Another week of import duty talk and price cuts did not have much effect on the steel markets. U.S. Sen. Charles Schumer visited Nucor Steel in Auburn, New York, last Friday to announce his efforts to combat the dumping of artificially priced rebar imports from foreign countries, including Mexico and Turkey. The rebar price has also been affected by extra domestic production of Chinese rebar.

Meanwhile, in India, large steelmakers JSW and Essar both cut prices on their primary products as the value of the rupee has jumped enough to create deflationary pressure.

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The US HRC futures contract spot price saw the largest increase this week on the weekly Raw Steels MMI®, rising 2.9 percent to settle at $646.00 per short ton. US shredded scrap gained a slight 1.3 percent this past week, finishing at $391.00 per short ton. Last week, the 3-month price of the US HRC futures contract shifted slightly, rising by 0.8 percent to close at $645.00 per short ton.

Korean steel scrap saw a 3.3 percent decline this week, finishing at KRW 295,000 ($275.73) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. At KRW 635,000 ($595.63) per metric ton, the price of Korean pig iron did not change since the previous week.

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Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.31) and a low price of CNY 830.00 ($133.70) per dry metric ton. Chinese HRC fell 0.6 percent over the past week to CNY 3,340 ($538.03) per metric ton. Chinese coking coal traded sideways last week, hovering around CNY 1,390 ($223.91) per metric ton. Prices for Chinese slab remained constant, closing the week at CNY 3,480 ($560.58) per metric ton.

On the LME, the steel billet 3-month price closed at $400.00 per metric ton after a flat week. Closing at $390.00 per metric ton, the steel billet cash price remained unchanged on the LME for the week.

The spot price of the US HRC futures contract rose 2.9 percent over the past week to $646.00 per short ton. Closing at $391.00 per short ton for the week, US shredded scrap rose by a slight 1.3 percent. A 0.8 percent gain landed the 3-month price of the US HRC futures contract at $645.00 per short ton.

The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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