3-Month HRC Improves; ArcelorMittal Ships Massive Panama Canal Rebar Order

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Source: Jeff Yoders/MetalMiner.

ArcelorMittal announced that it has shipped more than 192,000 tons of steel reinforcing bar for the Panama Canal expansion project. The company supplied the latest rebar, in grade 60 and grade 75, which will be utilized in the construction of the third set of locks.

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The third set of locks is the main part of the Panama Canal expansion project and aims to provide a transit system for Post-Panamax ships, through the construction of locks on the Atlantic and Pacific sides of the channel. The construction and design of the third set of locks is, therefore, a crucial part for the Panama Canal expansion project. The third set of locks will enable the Panama Canal to meet the present and future demands of maritime traffic by increasing its capacity.

The US HRC futures contract 3-month price saw the biggest increase at 0.3 percent, finishing at $645.00 per short ton for Wednesday, September 10. The spot price of the US HRC futures contract held steady on Wednesday, remaining around $657.00 per short ton.

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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 ($136.78) and a low price of CNY 830.00 ($135.15) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($550.37) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($226.33) per metric ton.

For the fifth consecutive day, the cash price of steel billet held flat on the LME at $450.00 per metric ton. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $455.00 per metric ton.

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