AK Steel said today that it will increase the current spot market base price for its hot rolled carbon steel to a minimum of $700 per ton, effective immediately with new orders.
Many manufacturers are requiring similar minimum orders. Nucor did so in March after ArcelorMittal required minimum orders even earlier.
The steel billet 3-month price closed Monday, April 7 at $410.00 per metric ton, halting its three-day flat run on the LME with a 2.5 percent shift. The cash price of steel billet was unchanged on the LME at $390.00 per metric ton.
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 ($135.22) and a low price of CNY 830.00 ($133.61) per dry metric ton. At CNY 3,340 ($537.66) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.76) per metric ton.
At $653.00, the US HRC futures contract spot price finished the market day up 0.8 percent per short ton. After a 0.5 percent increase, the 3-month price of the US HRC futures contract finished the day at $645.00 per short ton.