ThyssenKrupp Upgraded, But US HRC Steel Futures 3M Price Drops

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ThyssenKrupp got upgraded from “sell” back to “neutral” – yippee! – by Citigroup, which perhaps bodes well for the individual company based on their stock trading better than it has, but of course means nothing to overall steel market health.

“Shares of Thyssen Krupp Ag Dus (NASDAQ:TYEKF) traded up 0.56% during mid-day trading on Wednesday, hitting $30.71. 601 shares of the company’s stock traded hands,” according to the Ticker Report.

However, prices were dropping or flat on MetalMiner’s steel price index.

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The 3-month price of the US HRC futures contract saw a 0.6 percent drop on Thursday, May 15, landing at $638.00 per short ton and making it the biggest mover of the day. The US HRC futures contract spot price rose 0.1 percent to $681.00 per short ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.85) and a low price of CNY 830.00 ($133.24) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,360 ($539.39) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($223.14) per metric ton for the fifth day in a row.

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For the fifth day in a row, the steel billet cash price remained essentially flat on the LME at $390.00 per metric ton. The 3-month price of steel billet held steady on the LME at $400.00 per metric ton.

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