Limited supply in the Midwest could push steel prices higher as the traditional domestic construction season gets underway. US Steel’s Gary, Indiana, works, is curtailing production with its blast furnaces down due to ice conditions on the Great Lakes. A separate, unplanned outage continues at US Steel’s Great Lakes Works in Michigan, due to repairs.
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 ($135.36) and a low price of CNY 830.00 ($133.75) per dry metric ton. Chinese HRC stayed flat at around CNY 3,340 ($538.24) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($224.00) per metric ton.
The steel billet cash price held steady on the LME at $390.00 per metric ton. The 3-month price of steel billet remained essentially flat at $400.00 per metric ton on the LME.
The US HRC futures contract 3-month price declined 0.5 percent to $642.00 per short ton. After a 0.3 percent increase, the spot price of the US HRC futures contract finished the day at $648.00 per short ton.