Nucor CEO John Ferriola describes the steel overcapacity problem bluntly: “Global steel production overcapacity is the greatest threat to Nucor and to our industry.” That’s why companies like Nucor and Steel Dynamics have been talking to Washington about taking action. But DC can only do so much when countries like China continue to produce record amounts of the metal, the Motley Fool reported.
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 ($135.08) and a low price of CNY 830.00 ($133.47) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($543.53) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($223.52) per metric ton.
Also on the LME, the cash price of steel billet saw little change in its price last Friday at $395.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.
The 3-month price of the US HRC futures contract showed little movement last Friday at $627.00 per short ton. The US HRC futures contract spot price saw little movement last Friday, closing out around $668.00 per short ton.