US Steel Corp. tumbled in New York trading after hedge fund manager David Einhorn, who is betting on a decline in the share price, said results from the last quarter may have marked a peak for the company.
US Steel fell 3.4% to $37.82 at 9:44 a.m. in New York trading. The Pittsburgh-based company is still 28% above its closing price at the end of 2013.
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. Chinese HRC held its value yesterday at CNY 2,980 ($485.20) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.32) per metric ton.
The cash price of steel billet saw little movement on the LME at $465.00 per metric ton. The steel billet 3-month price remained essentially flat at $455.00 per metric ton on the LME.
The 3-month price of the US HRC futures contract remained essentially flat at $642.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $647.00 per short ton.