Another Flat Day For Raw Steels

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Cold-rolled steel

An increase in US ferrous scrap export tonnage and prices to Turkey this week have bolstered pricing for September domestic scrap procurement, Platts reported on Wednesday.

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In terms of supply, the bank sees global crude steel production through May running at 2.4% growth year-on-year supporting the bank’s earlier growth forecast of 2.7% for 2014. Global overcapacity has kept utilization below 80% resulting in limited power to influence prices and pressure on margins.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.39) and a low price of CNY 830.00 ($134.77) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($548.81) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($225.69) per metric ton.

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Also on the LME, the cash price of steel billet showed little movement yesterday, hovering around $420.00 per metric ton. The steel billet 3-month price remained essentially flat at $425.00 per metric ton on the LME.

The 3-month price of the US HRC futures contract held steady around $645.00 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $675.00 per short ton.

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