While it was another steady to down week in raw steels, US steelmakers all reported earnings that beat Wall Street expectations this week. Nucor increased sales 4% in the quarter, while AK Steel slashed its quarterly loss to beat the Street.
While prices have stayed flat for most of this year in the raw steels markets, steelmakers have shown strong results in both quarters now through economies of scale and leaner operations. US steelmakers are also expanding as Steel Dynamics and AK acquired the mills of Russian-owned steelmaker Severstal NA this week.
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 ($135.91) and a low price of CNY 830.00 ($134.30) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,380 ($546.89) per metric ton. Closing at CNY 1,390 ($224.91) per metric ton, Chinese coking coal remained unchanged for the week. At CNY 3,480 ($563.07) per metric ton, the price of Chinese slab did not change since the previous week.
On the LME, the steel billet 3-month price closed at $425.00 per metric ton after a flat week. Also on the LME, the steel billet cash price remained steady from the previous week at $420.00 per metric ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 255,000 ($248.85) per metric ton. At KRW 635,000 ($619.69) per metric ton, the week finished with no movement for Korean pig iron.
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