Raw steel production slid after a 3-week surge, dropping to 655,000 tons.
US steel production fell by 2.4% in the week that ended Saturday, according to an American Iron and Steel Institute estimate. Local production fell by 22,000 tons, or about 3.2%, the Times of Northwest Indiana reported.
Most of the raw steel production in the Great Lakes region takes place in Indiana and the Chicago area.
Production in the Southern District, typically the nation’s second-biggest steel-producing region, fell to 634,000 tons, down from 643,000 tons the previous week.
Total domestic raw steel production last week was about 1.835 million tons, down from 1.882 million tons a week earlier.
Chinese coking coal saw the biggest price decline of the day, dropping 3.6% to close at CNY 1,080 ($175.47) per metric ton on Tuesday, December 2. The price of Chinese HRC ended a two-day climb, settling at CNY 3,120 ($506.93) per metric ton. The price of Chinese slab remained steady at CNY 3,070 ($498.80) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.48) and a low price of CNY 840.00 ($136.48) per dry metric ton.
For the fifth consecutive day, the cash price of steel billet held flat on the LME at $500.00 per metric ton. The steel billet 3-month price saw little movement on the LME at $480.00 per metric ton.
The US HRC futures contract spot price fell 0.6% to $631.00 per short ton yesterday after two days of no change. The US HRC futures contract 3-month price fell 0.5% yesterday to $625.00 per short ton after three straight days with no change.