Esmark Inc.‘s bid to take over a former U.S. Steel plant in Serbia fell apart this week when the Serbian government announced that it could not come to final terms with the Edgeworth, Pa.-based steel processor and distributor.
The Pittsburgh Tribune-Review reported that Serbian Prime Minister Aleksandar Vucic said in a statement that officials wanted a guarantee that “Esmark would not spend all the raw materials and just leave Serbia with an explanation that there is no favorable market.”
On Wednesday, February 18, the day’s biggest mover was the US HRC futures contract spot price, which saw a 0.4% decline to $530.00 per short ton. The US HRC futures contract 3-month price held steady around $535.00 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 450.00 ($71.93) and a low price of CNY 445.00 ($71.13) per dry metric ton. The price of Chinese HRC showed little movement on Wednesday at CNY 2,490 ($397.99) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,080 ($172.62) per metric ton for the fifth day in a row.
The cash price of steel billet showed little movement on Wednesday on the LME at $485.00 per metric ton. On the LME, the 3-month price of steel billet saw little change in its price on Wednesday at $465.00 per metric ton.