3-Month Steel Billet Price Falls 7.5%, Worthington Industries Issues Profit Warning

Big drops in steel prices and lower demand for oil and gas are leading Worthington Industries Inc. to warn of quarterly earnings “significantly below” last year’s.

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The Columbus, Ohio-based metal processor said steel prices have dropped more than $100 a ton since mid-December. That, coupled with a major softening of demand in agriculture and oil and gas, factor in the $3.4 billion company’s announcement.

The day’s biggest mover was the steel billet 3-month price which dropped by 7.5% on Monday, February 23 to close at $370.00 per metric ton on the LME. Also on the LME, the cash price of steel billet fell 7.5% to $370.00 per metric ton.

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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 ($71.96) and a low price of CNY 445.00 ($71.16) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 2,490 ($398.19) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,080 ($172.71) per metric ton.

After falling 1.1% to $519.00 per short ton, the 3-month price of the US HRC futures contract reached a 30-day low. The spot price of the US HRC futures contract saw little change in its price on Monday at $530.00 per short ton.

[download-button url=”https://agmetalminer.com/monthly-report-metal-price-index-trends-february-2015/”] Download: MetalMiner’s February Price Trends Report[/download-button]

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