ArcelorMittal, Tata Steel Petition EU on Climate Change; LME Billet Price Up 7%

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The chief executive officers of 64 European steel companies, including the European units of Luxembourg-based ArcelorMittal and Tata Steel Ltd. (TATA), signed an open letter to EU heads of state and governments, according to a statement today from steel lobby group Eurofer.

Meanwhile, rising 6.8 percent to close at $390.00 per metric ton, the steel billet cash price experienced the biggest change on the LME for Wednesday on our metal price index. After a 2.6 percent increase, the 3-month price of steel billet finished the day on the LME at $400.00 per metric ton.

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“We, the undersigned CEOs, urge the heads of state and governments to restore balance between industrial, energy and climate policies in order to preserve the competitiveness of the industries which are at the core of the European economy,” the letter, published by Bloomberg News, said.

EU leaders will meet in Brussels on March 20-21 to set an end-of-year deadline for a decision on climate and energy strategy for 2030. The 28-nation bloc is trying to balance Europe’s ambition to lead the global fight against climate change with pledges to revive the region’s industry and cut the reliance on fossil fuels.

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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. The price of Chinese HRC steadied following two days of dropping prices. For the fifth consecutive day, the price of Chinese coking coal held flat.

The US HRC futures contract 3-month price held steady. The US HRC futures contract spot price remained essentially flat.

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