A federal judge recently gave Big River Steel more time to respond to a lawsuit filed by Nucor that hopes to stop a new $1.3 billion plant construction project from moving forward in northeast Arkansas, according to the Associated Press.
US District Judge Leon Holmes agreed to a 28-day extension for the company to respond to the federal lawsuit filed last month by Nucor. The lawsuit seeks to block Big River Steel from building its steel mill south of Osceola and also seeks a revocation of the company’s air permit issued by the state.
Big River Steel must now respond to the complaint by Oct. 10. Nucor, which operates two steel mills in Mississippi County, had opposed the request for an extension, saying any delay in the case will make it more difficult to stop the project.
The US HRC futures contract 3-month price saw the biggest decline of the day, dropping 0.6 percent to close at $641.00 per short ton on Thursday, September 11. The US HRC futures contract spot price held steady around $657.00 per short ton.
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 ($137.03) and a low price of CNY 830.00 ($135.40) per dry metric ton. The price of Chinese HRC held steady at CNY 3,380 ($551.38) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.75) per metric ton.
The steel billet cash price continues hovering around $450.00 per metric ton on the LME for the fifth day in a row. For the fifth consecutive day, the steel billet 3-month price held flat on the LME at $455.00 per metric ton.