Allegheny Technologies Incorporated has received an additional order for its nickel-based alloy plate to be used in a large oil & gas pipeline project. ATI previously announced that it had booked initial orders for this project. Shipments are scheduled to begin in late fourth quarter 2014 and continue through the first half of 2015.
“Total expected revenue of approximately $145 million from these orders represents the largest participation in a project in ATI’s history,” said Rich Harshman, Chairman, President and Chief Executive Officer. “For perspective, expected revenue from these orders is greater than 25% of ATI’s sales to the Oil & Gas/Chemical Process Industry for the first nine months of 2014.
Strengthening prices ended a three-day flat streak as the spot price of the US HRC futures contract moved up by 0.2% on Thursday, November 27 to $635.00 per short ton. The 3-month price of the US HRC futures contract held steady around $628.00 per short ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.84) and a low price of CNY 830.00 ($135.21) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 2,970 ($483.83) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($226.44) per metric ton.
The cash price of steel billet saw little movement yesterday on the LME, closing out around $500.00 per metric ton. On the LME, the 3-month price of steel billet held steady around $480.00 per metric ton.