ArcelorMittal (MT), the world’s biggest steel producer, is riding the Brazil bandwagon when it comes to domestic steel demand and consumption.
The steel company announced expansion plans in Brazil which will grow annual steel production capacity at its Monlevade and Juiz de Fora sites from 3.75 million tons to 4.9 million tons, according to a NASDAQ post. Production of wire rod, rebar and billets will increase, for use primarily in domestic construction and automotive industries, in addition to other downstream purposes.
The US HRC futures contract 3-month price saw the biggest upwards shift for the day on our global steel and raw materials price index, rising 0.3 percent to close at $630.00 per short ton on Tuesday, August 20. The spot price of the US HRC futures contract was unchanged at $648.00 per short ton.
Meanwhile, the China price of iron ore 58% fines from India kept above its recent threshold. Chinese slab prices rose 0.3 percent. The price of Chinese HRC remained essentially flat.
Also on the LME, the steel billet cash price held steady around $140.00 per metric ton. The 3-month price of steel billet saw little price change yesterday on the LME at $160.00 per metric ton.