Evraz, Abramovich Prepare for Crimea Annexation Hit

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Evraz, the Russian steelmaker part-owned by billionaire Roman Abramovich, warned that the crisis in Ukraine could hit its business this year, as it reported a deepening in losses, the Financial Times said.

Russia’s largest steel company said 2014 had started “mildly positively” but said that it faced risks.

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“The geopolitical developments around Ukraine could have an impact on our operations, as we have assets both in Ukraine and Russia. However, to date our operations have not been adversely affected,” the release said.

The 3-month price of the US HRC futures contract saw a 0.3 percent drop on Thursday, April 10, landing at $648.00 per short ton and making it the biggest mover of the day. The US HRC futures contract spot price saw little change in its price on Thursday at $653.00 per short ton.

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Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.47) and a low price of CNY 830.00 ($133.86) per dry metric ton. At CNY 3,410 ($549.94), the price of Chinese HRC finished the market day up 0.3 percent per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($224.17) per metric ton.

The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. The 3-month price of steel billet saw little movement yesterday on the LME, closing out around $400.00 per metric ton.

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