ArcelorMittal has laid off more than 50 workers at three coal mines in Southern West Virginia.
ArcelorMittal spokesman Bill Steers tells the Bluefield Daily Telegraph the layoffs are necessary because of decreased demand for coal. The layoffs affect 58 workers at the company’s XMV, Concept and Extra Energy mines in McDowell County.
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 ($135.21) and a low price of CNY 840.00 ($135.21) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 2,850 ($458.75) per metric ton. The price of Chinese coking coal held steady at CNY 1,080 ($173.84) per metric ton.
For the fifth consecutive day, the steel billet cash price held flat on the LME at $500.00 per metric ton. The steel billet 3-month price continues hovering around $480.00 per metric ton on the LME for the fifth day in a row.
The 3-month price of the US HRC futures contract remained essentially flat at $606.00 per short ton. The US HRC futures contract spot price held steady last Friday, remaining around $605.00 per short ton.