International Issues Take Center Stage In Steel’s Week

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The week in steel was full of international intrigue. Foreign steel importers brought 3.8 million tons of their products into the US through June, up 56% from the same period a year ago.

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The US International Trade Commission, by a 5-to-1 vote, refused to impose import duties on shipments of Grain-Oriented Electrical Steel from Germany, Japan and Poland dealing a critical blow to domestic GOES producer petitioners AK Steel and Allegheny Technologies, Inc.

India’s beleaguered domestic steel industry finally got some relief from a coking coal shortage… just in time for an iron ore shortage to start.

Closing at $430.00 per metric ton on the LME, a 2.4 percent increase made the cash price of steel billet the week’s biggest mover on the weekly Raw Steels MMI®. The 3-month price of steel billet rose 2.4 percent on the LME over the past week to $435.00 per metric ton.

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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 ($136.50) and a low price of CNY 830.00 ($134.88) per dry metric ton. At CNY 3,380 ($549.27) per metric ton, the week finished with no movement for Chinese HRC. Closing at CNY 1,390 ($225.88) per metric ton, Chinese coking coal remained unchanged for the week. Following a steady week, prices for Chinese slab closed flat at CNY 3,480 ($565.52) per metric ton.

US shredded scrap prices held steady from the previous week at $380.00 per short ton. Following a steady week, prices for the US HRC futures contract 3-month price closed flat at $645.00 per short ton. Closing at $675.00 per short ton, the US HRC futures contract spot price remained unchanged for the week.

Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 250,000 ($242.66) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($619.69) per metric ton.

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