After another flat week for steel prices, US Steel decided to take matters into its own hands and raise prices on all flat-rolled products.
ArcelorMittal, Nucor and several other US producers won their case with the Department of Commerce to allow preliminary import duties on imports of steel wire rod from China. In other regulatory news, domestic producers have begun lobbying the Obama administration to remove an exemption for Russian steel imported into the US as part of a Cold War-ending trade agreement. The move is being seriously considered as tensions between Russia and the West over Ukraine have not dissipated.
In the US, construction has begun on Big River Steel’s Osceola, Ark., plant meaning 500 steel production jobs for the local community.
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 ($135.48) and a low price of CNY 830.00 ($133.87) per dry metric ton. At CNY 3,380 ($545.16) per metric ton, the week finished with no movement for Chinese HRC. At CNY 1,390 ($224.19) per metric ton, the price of Chinese coking coal did not change since the previous week. Closing at CNY 3,480 ($561.29) per metric ton, Chinese slab remained unchanged for the week.
The steel billet 3-month price stayed essentially flat on the LME at $400.00 per metric ton. This past week, the cash price of steel billet kept quiet, holding at on the LME at $395.00 per metric ton.
Korean steel prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat at KRW 260,000 ($255.70) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($624.51) per metric ton.
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