Despite the rise in input costs and higher duty on import of coking coal, JSW Steel Limited announced a cut in the prices of steel products for the month of October. The company has cut Rs 500-750 per ton for flat products and Rs 1,000 per ton for long products.
This is the 2nd price cut in long products announced by the company in the last month.
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 ($136.59) and a low price of CNY 830.00 ($134.96) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,030 ($492.69) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.02) per metric ton.
Also on the LME, the cash price of steel billet saw little movement on Tuesday at $450.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $455.00 per metric ton.
The US HRC futures contract 3-month price showed little movement yesterday at $639.00 per short ton. The spot price of the US HRC futures contract held steady around $663.00 per short ton.