According to two analysts from World Steel Dynamics, scrap steel prices could “plummet” in the coming months due to sluggish demand and cheaper imports of iron ore and coke.
Analyst Peter Marcus said the price of steel scrap could fall by $50 per ton in the next few months at a conference in New York. For the fifth consecutive day, the steel billet cash price held flat on the LME at $395.00 per metric ton. The steel billet 3-month price held steady on the LME at $400.00 per metric 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 ($134.88) and a low price of CNY 830.00 ($133.27) per dry metric ton. The price of Chinese HRC saw little movement at CNY 3,380 ($542.73) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($223.19) per metric ton.
The US HRC futures contract 3-month price showed little movement on Tuesday at $630.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $668.00 per short ton.