For a week with surprisingly little price movement, a lot actually happened in steel.
As James May pointed out, North American steel prices continued to defy conventional wisdom and stayed far ahead of those in the rest of the developed world. U.S. Steel CEO Mario Longhi canceled expansion projects and explained why he still needs to cut costs.
In India, signs of a turnaround started popping up as the Modi government created a new strategy to deliver the steel sector’s long-stated goal of 300 million tons per annum by 2015.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.90) and a low price of CNY 830.00 ($135.27) per dry metric ton. Chinese HRC saw a 0.3% decline over the past week to CNY 3,030 ($493.82) per metric ton. At CNY 1,390 ($226.54) per metric ton, the week finished with no movement for Chinese coking coal. Chinese slab prices held steady from the previous week at CNY 3,480 ($567.16) per metric ton.
On the LME, the 3-month price of steel billet remained steady from the previous week at $455.00 per metric ton. Closing at $450.00 per metric ton, the steel billet cash price remained unchanged on the LME for the week.
Korean steel prices were flat for the week. Closing at KRW 240,000 ($232.01) per metric ton, Korean steel scrap remained unchanged for the week. Korean pig iron traded sideways last week, hovering around KRW 635,000 ($619.69) per metric ton.
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