U.S. Steel laid off a total of 756 workers in its oil and gas steel tube business this week as low oil prices and tumbling hot-rolled coil prices affected profitability.
Prices remained weak for the third straight week as a strong US dollar pushed commodities lower across the board.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.27) and a low price of CNY 840.00 ($135.27) per dry metric ton. Closing out the third week of declining prices, the price of Chinese slab dropped by 0.3%, finishing at CNY 2,940 ($473.46) per metric ton. At CNY 3,030 ($487.95) per metric ton, the price of Chinese HRC finished the week down 0.3%. Chinese coking coal prices held steady from the previous week at CNY 1,080 ($173.92) per metric ton.
On the LME, the 3-month price of steel billet closed at $480.00 per metric ton after a flat week. Also on the LME, the cash price of steel billet traded sideways last week, hovering around $500.00 per metric ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 169,000 ($153.05) per metric ton. At KRW 635,000 ($619.69) per metric ton, the price of Korean pig iron did not change since the previous week.
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