AK Steel announced that the company will increase current spot market base prices for flat-rolled carbon steel by $20 per ton for November shipments.
The new prices are effective immediately for all new orders. AK Steel is a leader in the production of flat-rolled carbon, stainless and electrical steel products, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.
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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC held steady at CNY 2,980 ($485.20) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.32) per metric ton.
The steel billet cash price held steady on the LME at $465.00 per metric ton. For the fifth consecutive day, the steel billet 3-month price held flat on the LME at $455.00 per metric ton.
The US HRC futures contract 3-month price rose by 1.1% to $642.00 per short ton after a three-day flat streak. The spot price of the US HRC futures contract rose by 0.8% to $647.00 per short ton.