coking coal price

Following two days of increases on the LME, the 3-month price of steel billet dropped by 2.7 percent to end at $400 per metric ton on May 31, 2012. The LME steel billet cash price changed direction with a 2.6 percent drop. After two days of improving prices, the finished at $399 per metric ton.

Chinese steel prices and raw material inputs were flat for the day.

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The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw a 2.4 percent decline on the LME to $411 per metric ton.

Last week marked the fourth in a row of declining prices for the metal. For the third week in a row, the LME cash price of steel billet dropped, falling 2.1 percent on the LME to $410 per metric ton.

Certain Chinese and Korean steel prices were also active.

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The LME steel billet cash price saw a 2.5 percent increase on May 30, 2012, reaching $410 per metric ton on the LME and making it the biggest mover for the day on our global steel price index. Also on the LME, the steel billet 3-month price rose 2.2 percent to $411 per metric ton.

Meanwhile, Chinese steel prices were flat for the day.

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At $655 per short ton, the 3-month price of the US HRC futures contract moved up 1.6 percent on May 28, 2012, making it the day’s biggest mover on our daily steel price index. The spot price of the US HRC futures contract steadied at $662 per short ton following two days of dropping prices.

Chinese steel and raw material prices came in flat for May 28, 2012.

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Following on Part One of this story, the impact of the falling rupee may be more visible on the import of coking coal. India as of now is the 3rd largest importer of coking coal. As per some estimates, the Indian steel industry will need to import 36.8 million tons of coking coal in 2012 to meet estimated steel demand of 58.7 million tons.

Compared to last year, the international price of coking coal is down this year.

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For the past six months or so, the Indian steel sector has been buffeted about by one negative development or another.

In the throes of a mining scam leading to a clampdown on iron ore mining and a subsequent shortage of good quality ore, the industry now finds itself battling possible higher import bills due to a falling Indian rupee.

And the weight of the rupee against the dollar has a direct bearing on the cost of steelmaking.

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The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw an 8.5 percent decline on the LME to $421 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the cash price of steel billet dropped by 7.7 percent on the LME, finishing at $419 per metric ton.

(Why the steel price drops? Where are prices of steel headed for the rest of 2012?)

Chinese steel prices, meanwhile, were mixed for the week.

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With a 2.2 percent increase over the past day, the 3-month price of LME steel billet was the biggest mover on our steel price index, closing at $470 per metric ton on May 17, 2012. Also on the LME, the cash price of steel billet rose 0.6 percent to $456 per metric ton.

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On May 14, 2012, the day’s biggest mover on our daily steel price index was the LME steel billet cash price, which saw a 2.5 percent increase to $464 per metric ton. This increase comes after the price fell for the two previous days. Also after dropping for two days on the LME, the 3-month price of steel billet flattened at $470.

Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India ranged between $135 and $140 per dry metric ton. Monday saw the price of Chinese HRC shift down 0.7 percent after three quiet days. The price of Chinese coking coal kept steady.

The US HRC futures contract 3-month price remained essentially flat at $665 per short ton. The spot price of the US HRC futures contract held steady on Monday, remaining around $670 per short ton.

Following a three-day flat streak, the price of Chinese HRC dropped by 0.9 percent on May 8, 2012.

Meanwhile, Chinese coking coal prices remained essentially flat. For the fifth day in a row, the price of Chinese slab also stayed pat at below $700 per metric ton. The low and high prices of iron ore 58% fines from India ranged from $135-$137 per dry metric ton.

On the LME, the steel billet cash price held steady around $480 per metric ton. The steel billet 3-month price saw little movement on Tuesday on the LME, closing out around $485 per metric ton.

For the fifth consecutive day, the 3-month price of US HRC futures held flat at $670 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $665 per short ton.

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