Steel mill operator Evraz North America said Wednesday it is temporarily laying off 200 workers at its Pueblo, Colo., plant.
Evraz cited low oil prices as a reason for the layoffs. The Pueblo facility makes seamless pipe used in oil and gas production.
The plant has 1,218 workers, making it Pueblo’s third-largest employer.
“Due to declining oil prices and significant reductions in drilling programs, Evraz is making production adjustments and temporarily crewing down where needed,” the company said in a statement.
On Wednesday, January 28, Chinese slab fell by 1.7% to CNY 2,360 ($378.12) per metric ton, making it the day’s biggest mover. After dropping for two days, the price of Chinese HRC flattened at CNY 2,610 ($418.18). The price of Chinese coking coal remained essentially flat at CNY 1,080 ($173.04) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.59) and a low price of CNY 840.00 ($134.59) per dry metric ton.
The steel billet cash price continues hovering around $500.00 per metric ton on the LME for the fifth day in a row. For the fifth day in a row, the steel billet 3-month price remained essentially flat on the LME at $480.00 per metric ton.
The US HRC futures contract 3-month price showed little movement on Wednesday, hovering around $572.00 per short ton. The US HRC futures contract spot price saw little movement on Wednesday, closing out around $583.00 per short ton.