Looks like ArcelorMittal was tired of all the strikes at its Algerian El Hadjar plant.
The world’s No. 1 steel producing company said, “You know what? Take some of this off our plate” to the Algerian government, to which it’s selling a 21 percent stake, according to Reuters. In these times of global steel oversupply, not sure you can blame them. The government wants to take up production to 2.2 million tons from the current 580,000 tons, according to the report.
With a 15.0 percent increase over the past day, the 3-month price of steel billet was the biggest mover on the LME, closing at $230.00 per metric ton on Tuesday, September 17. At $195.00, the cash price of steel billet finished the market day on the LME up 14.7 percent.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price didn’t really move. Chinese slab fell 0.6 percent yesterday. After a couple of days of decreasing prices, the price of Chinese HRC held steady.
The US HRC futures contract 3-month price remained essentially flat at $623.00 per short ton. The US HRC futures contract spot price held steady at $642.00 per short ton.