Nucor Beats Estimates, Hot-Rolled Coil Futures Decline on LME

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Nucor, the largest US steelmaker by market value, reported first-quarter earnings that beat analysts’ estimates today. Net income rose to $111 million, or 35 cents a share, from $84.8 million, or 26 cents, a year earlier, the Charlotte, NC-based company said today in a statement. Profit excluding one-time items was 41 cents a share, beating the 38-cent average of 13 estimates compiled by Bloomberg News.

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Sales climbed to $5.11 billion from $4.55 billion, exceeding the $4.84 billion average of 12 estimates.

With a decline of 1.5 percent to $638.00 per short ton on Thursday, April 24, the 3-month price of the US HRC futures contract recorded the biggest decline of the day. The spot price of the US HRC futures contract rose by 0.6 percent to $660.00 per short ton after a three-day flat streak.

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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 ($134.67) and a low price of CNY 830.00 ($133.06) per dry metric ton. Chinese HRC held its value on Thursday at CNY 3,450 ($553.09) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($222.84) per metric ton for the fifth day in a row.

The cash price of steel billet saw little movement on the LME at $390.00 per metric ton. The steel billet 3-month price remained essentially flat at $400.00 per metric ton on the LME.

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