coking coal price

This week in steel, prices continued to fall and layoffs at producers of oil pipes and tubes increased.

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Steel prices in China continue to fall in the face of plunging raw material cost inputs and a depressed construction sector. Even though China closed 31.1 million tons of steel production capacity last year, higher than the 27 million tons expected, the sector is still suffering from chronic overcapacity.

Lower oil prices produced a steady stream of layoffs from producers that invested heavily in oil country tubular goods (OCTG) and other pipe and tube products.

The week’s biggest mover on the weekly Raw Steels MMI® was the price of Chinese HRC, which saw a 6.8% decline to CNY 2,610 ($418.18) per metric ton. This week marked the third in a row of declining prices for the metal. For the third week in a row, the price of Chinese slab dropped, falling 4.8% to CNY 2,360 ($378.12) per metric ton. Chinese billet prices held steady from the previous week at CNY 2,300 ($368.51) per metric ton. Closing at CNY 1,080 ($173.04) per metric ton, Chinese coking coal remained unchanged for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.59) and a low price of CNY 840.00 ($134.59) per dry metric ton.

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Closing at $480.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week. At $500.00 per metric ton, the steel billet cash price remained essentially flat on the LME.

Following a 0.6% increase in the week prior, the price of US shredded scrap fell 0.6% last week to $336.00 per short ton. The US HRC futures contract 3-month price dropped 0.5% this week, closing out the third consecutive week of falling prices at $572.00 per short ton. The US HRC futures contract spot price fell 0.3% over the past week to $583.00 per short ton. This was the third week in a row of declining prices.

Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 169,000 ($156.83) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 530,000 ($491.84) per metric ton.

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The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

After a robust year, highlighted by U.S. Steel Corp.’s first annual profit since 2008, the steel industry is facing an unexpected menace in tumbling oil prices, which have forced production cutbacks and even pressured prices for automotive steel.

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The Wall Street Journal reports that the heart of the problem is a build-up since last decade to supply oil and gas drillers. Like many others, steelmakers saw the US energy boom as their salvation. But with oil prices down more than 50% since last summer, energy companies have cut spending on projects requiring steel, and swiftly canceled orders with steel mills.

“There’s been an abrupt change in the near-term outlook in recent weeks,” John Ferriola, chief executive of Charlotte, N.C.-based Nucor Corp. , the country’s biggest steelmaker, said on a conference call Tuesday.

Although Nucor’s fourth-quarter profit rose 23% from a year earlier to $210 million, the company warned that “market conditions in the steel mills segment in the first quarter of 2015 will be impacted by challenges in energy markets due to customer inventory reductions.”

On Tuesday, January 27, the day’s biggest mover was Chinese slab, which saw a 1.2% decline to CNY 2,400 ($383.69) per metric ton. The price of Chinese HRC fell 0.8% to a 30-day low of CNY 2,610 ($417.26) per metric ton on Tuesday. The price of Chinese coking coal was unchanged at CNY 1,080 ($172.66) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.29) and a low price of CNY 840.00 ($134.29) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $500.00 per metric ton. The steel billet 3-month price held steady on the LME at $480.00 per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $572.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $583.00 per short ton.

Iron-ore prices tumbled to a 5½-year low as a sharp decline in steel prices and softening iron-ore demand from China, the world’s largest consumer, weigh on prices of the steelmaking material.

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The price of ore with 62% iron content fell 3.9% Monday to $63.30 a metric ton at China’s Tianjin Port, according to The Steel Index. That is its lowest level since May 2009.

Chinese HRC had the largest decline on Monday, January 26, dropping 4.0% and landing at CNY 2,630 ($419.18) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,080 ($172.13) per metric ton. Chinese slab stayed flat at around CNY 2,430 ($387.30) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($133.88) and a low price of CNY 840.00 ($133.88) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The steel billet cash price held steady on the LME at $500.00 per metric ton. The 3-month price of steel billet saw little movement on the LME at $480.00 per metric ton.

US HRC futures contract 3 month saw its price drop 0.5% to a 30-day low of $572.00 per short ton yesterday. The spot price of the US HRC futures contract held steady around $583.00 per short ton.

ArcelorMittal plans to shut down a 114-year-old facility in East Chicago, Ind., which would impact more than 300 workers. The company says the “great majority” of those workers could move to other facilities. Earlier this month, U.S. Steel Corp. announced plans to idle its East Chicago steel mill and lay off nearly 370 workers.

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ArcelorMittal says the plant has lost money each year since 2011. It produces steel bars there used in the automotive industry.

The company says it plans to idle the facility in March, then shut it down permanently over the next 3 months.

Closing at CNY 2,430 ($391.51) per metric ton on Friday, January 23, Chinese slab saw the biggest change at a 2.0%. Chinese HRC stayed flat at around CNY 2,740 ($441.46) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,080 ($174.00) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.34) and a low price of CNY 840.00 ($135.34) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The steel billet cash price saw little movement on the LME at $500.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $480.00 per metric ton.

The 3-month price of the US HRC futures contract held steady around $575.00 per short ton. Following two days of downward movement, the US HRC futures contract spot price held steady at $583.00 per short ton.

China’s apparent crude steel consumption fell for the first time in 3 decades in 2014, data from an industry association showed, a further indication of how the country’s economic slowdown is hurting industrial demand.

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China’s apparent crude steel consumption fell 3.4% from a year ago to 738.3 million tons in 2014, according to calculations published by the China Iron and Steel Association (CISA) on Thursday.

A decline in the use of steel in China, which is both the top consumer and producer of the alloy, will dent iron ore prices that have already been roiled by a global oversupply.

The day’s biggest mover was Chinese HRC, dropping 2.1% to settle at CNY 2,740 ($441.11) per metric ton on Thursday, January 22. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,080 ($173.87) per metric ton. After dropping for two days, the price of Chinese slab flattened at CNY 2,480 ($399.25). The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.23) and a low price of CNY 840.00 ($135.23) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $500.00 per metric ton. For the fifth consecutive day, the steel billet 3-month price held flat on the LME at $480.00 per metric ton.

The spot price of the US HRC futures contract weakened by 0.3%, settling at $583.00 per short ton. The US HRC futures contract 3-month price saw little change in its price yesterday at $575.00 per short ton.

U.S. Steel Corp. said it plans to idle plants in Illinois and Indiana, laying off 545 workers.

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The company blamed the latest move on low-cost imports and its own restructuring efforts.

The cuts would take place in March and come on top of the planned layoff of 756 workers and possible closure of two plants in Ohio and Texas announced earlier this month. The company said those cuts had reflected lower oil prices and the resulting drop in demand for its steel pipe and tubular products used by the oil and gas sector.

U.S. Steel said it would close the two coke ovens at its Granite City Works in Granite City, Illinois, affecting 176 workers. Another 369 workers will be laid off as a result of U.S. Steel’s plan to close, temporarily, a tin mill which is part of its Gary Works facility in Indiana, near Chicago.

On Wednesday, January 21, Chinese slab fell by 3.1% to CNY 2,480 ($399.07) per metric ton, making it the day’s biggest mover. Chinese HRC saw little change in its price on Wednesday at CNY 2,800 ($450.56) per metric ton. The price of Chinese coking coal held steady at CNY 1,080 ($173.79) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.17) and a low price of CNY 840.00 ($135.17) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The cash price of steel billet continues hovering around $500.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price saw little movement on the LME at $480.00 per metric ton.

The 3-month price of the US HRC futures contract fell to a 30-day low at $575.00 per short ton after shifting 0.9%. The spot price of the US HRC futures contract fell 0.8% on Wednesday to $585.00 per short ton.

Major producers and even entire nations cut back steel production due to low prices this week.

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Nucor and Steel Dynamics cut production in Indiana and Arkansas, respectively. Data from China showed that steel output grew at the lowest rate there in 3 decades. U.S. Steel even shuttered 2 more facilities in Indian and Illinois and laid off 545 more workers.

Chinese slab saw a 6.4% decline this week, finishing at CNY 2,480 ($399.07) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Chinese HRC dropped 3.1% over the past week to CNY 2,800 ($450.56) per metric ton. Chinese billet remained essentially flat from the previous week at CNY 2,300 ($370.11) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,080 ($173.79) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.17) and a low price of CNY 840.00 ($135.17) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

At $480.00 per metric ton, the 3-month price of steel billet remained essentially flat on the LME. This past week, the cash price of steel billet kept quiet, holding at on the LME at $500.00 per metric ton.

The 3-month price of the US HRC futures contract fell 3.7% over the past week to $575.00 per short ton. This was the third week in a row of declining prices. With a 1.5% decrease, the US HRC futures contract spot price closed the week at $585.00 per short ton. The price of US shredded scrap rose 0.6% this week, closing out the third week at $338.00 per short ton.

Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week at KRW 169,000 ($156.45) per metric ton. At KRW 530,000 ($490.63) per metric ton, the week finished with no movement for Korean pig iron.

The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Data released last night showed Chinese steel output grew at its slowest rate in more than three decades in 2014 because of slowing economic growth and a government clampdown on pollution.

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While output reached a record 822.7 million tons last year, it rose just 0.9%, the slowest pace of growth since 1981, according to China’s National Bureau of Statistics.

Chinese steel production has grown at breakneck speed over the past decade, but this has led to chronic overcapacity and pollution in the key producing areas around Beijing.

Closing at CNY 2,560 ($411.75) per metric ton on Tuesday, January 20, Chinese slab saw the biggest change at a 2.7%. The price of Chinese HRC reached a 30-day low after decreasing 0.4% to CNY 2,800 ($450.35) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,080 ($173.71) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.10) and a low price of CNY 840.00 ($135.10) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

For the fifth day in a row, the steel billet cash price remained essentially flat on the LME at $500.00 per metric ton. The 3-month price of steel billet continues hovering around $480.00 per metric ton on the LME for the fifth day in a row.

The US HRC futures contract 3-month price held steady around $580.00 per short ton. The US HRC futures contract spot price saw little movement on Tuesday at $590.00 per short ton.

A lawsuit seeking to stop construction of the $1.3 billion Big River Steel plant in Mississippi County, Ark., is barred by the federal Clean Air Act, an attorney for BRS argued during a hearing Friday in US District Court in Little Rock.

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An attorney for the plaintiff, Nucor Steel, argued that the law allows it to challenge the air permit Big River Steel obtained for the plant.

US District Judge Leon Holmes heard arguments but did not immediately issue a ruling during Friday’s hearing, which was held to consider a motion by Big River Steel to dismiss Nucor’s suit.

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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 of CNY 840.00 ($135.31) and a low price of CNY 840.00 ($135.31) per dry metric ton. The price of Chinese HRC remained steady at CNY 2,810 ($452.64) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,080 ($173.97) per metric ton.

The cash price of steel billet remained essentially flat at $500.00 per metric ton on the LME. The 3-month price of steel billet saw little movement on the LME at $480.00 per metric ton.

After a couple of days of decreasing prices, the 3-month price of the US HRC futures contract held steady at $580.00. The spot price of the US HRC futures contract remained essentially flat at $590.00 per short ton.

5 months ago, Hao Liwei was living the good life, funded by a 36% annual return on a property investment. Then her nightmare began.

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Interest payments ceased in August and attempts to recover her money failed. Her home town, the Chinese steel-production city of Handan, 450 kilometers (280 miles) southwest of Beijing in Hebei province, was grappling with plunging demand for steel and plummeting prices. Economic growth slumped to 5.5% in the first 9 months of last year, from 10.5% in 2012.

“The sky collapsed and I thought of killing myself,” Hao, 40, now a taxi driver, told Bloomberg News. “It was just like a dream: I had everything but when I woke up it was all gone.”

Hao is among the collateral damage as China reins in years of debt-fueled investment-led growth that’s evoked comparisons to the period preceding Japan’s lost decades. As policy shifts China toward greater consumption and innovation-led growth, Handan’s reliance on the steel industry for expansion has left it among cities feeling the brunt of adjustment pain.

Chinese HRC saw a 2.8% drop on Friday, January 16, landing at CNY 2,810 ($454.38) per metric ton and making it the biggest mover of the day. Chinese slab saw its price drop 0.8% to a 30-day low of CNY 2,630 ($425.27) per metric ton last Friday. The price of Chinese coking coal was unchanged at CNY 1,080 ($174.64) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.83) and a low price of CNY 840.00 ($135.83) per dry metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The cash price of steel billet continues hovering around $500.00 per metric ton on the LME for the fifth day in a row. The 3-month price of steel billet saw little movement on the LME at $480.00 per metric ton.

The 3-month price of the US HRC futures contract fell 1.4% to a 30-day low of $580.00 per short ton last Friday. The spot price of the US HRC futures contract saw little change in its price last Friday at $590.00 per short ton.

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