Another Down Week for Steel Markets, ArcelorMittal, Tata, JSW Still Investing

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While steel markets continued to fall after a long period of flatness, steel companies are still investing heavily in to open up new markets for their products.

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ArcelorMittal opened its first Chinese joint-venture plant, VAMA, in Hunan province, while Indian majors Tata Steel and JSW started importing iron ore to deal with a mining ban in the state of Odisha. The rare highlight of steel markets, scrap prices, could also see a steep plummet soon as analysts predict a sharp fall-off as cheaper iron ore competes with it this summer. The hits just keep on coming for steel.

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Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.90) and a low price of CNY 830.00 ($133.30) per dry metric ton. At CNY 3,380 ($542.82) per metric ton, the price of Chinese HRC did not change since the previous week. Chinese coking coal prices held steady from the previous week at CNY 1,390 ($223.23) per metric ton. Prices for Chinese slab remained constant, closing the week at CNY 3,480 ($558.88) per metric ton.

Following a steady week, prices for on the LME the steel billet 3-month price closed flat at $400.00 per metric ton. Also on the LME, the steel billet cash price traded sideways last week, hovering around $395.00 per metric ton.

Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 265,000 ($259.50) per metric ton. At KRW 645,000 ($634.53) per metric ton, the week finished with no movement for Korean pig iron.

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