Tata Steel Will Stop Importing Iron Ore

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Tata Steel has no more plans to import iron ore to feed its steelmaking factories, and will rely on domestic production from its own captive mines or India’s National Mineral Development Corporation, its managing director TV Narendran told India’s Economic Times.

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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 ($134.80) and a low price of CNY 830.00 ($133.19) per dry metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,380 ($542.40) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,390 ($223.06) per metric ton.

The cash price of steel billet saw little movement on the LME at $395.00 per metric ton. The 3-month price of steel billet continues hovering around $400.00 per metric ton on the LME for the fifth day in a row.

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The US HRC futures contract 3-month price flattened at $635.00 after two days of improvement. The spot price of the US HRC futures contract remained essentially flat at $670.00 per short ton.

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