The world’s largest steel producer is restarting its Monessen, Pa., coke plant, five years after the facility was idled, the Pittsburgh Post-Gazette reported
Luxembourg-based ArcelorMittal is scheduled to resume production at the plant this month, according to a company securities filing. The plant has been idled since May 2009. The steel producer announced in 2012 that it would invest $50 million in the plant and reopen it, creating 113 jobs.
Dropping 1.2 percent, the 3-month price of the US HRC futures contract was the biggest mover on Monday closing at $640.00 per short ton. For the fifth consecutive day, the spot price of the US HRC futures contract held flat at $653.00 per short 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 ($134.78) and a low price of CNY 830.00 ($133.17) per dry metric ton. The price of Chinese HRC showed little movement on Monday at CNY 3,400 ($545.53) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,390 ($223.03) 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. On the LME, the steel billet 3-month price held steady around $400.00 per metric ton.