coking coal price

Russia has complained that a US move to scrap a 15-year-old deal sheltering Russian flat-rolled steel producers from high import duties is inconsistent with World Trade Organization rules, Reuters reported.

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The move comes as Western sanctions over Moscow’s actions in Ukraine, together with a plunge in world oil prices, have pushed the Russian economy to the brink of recession.

The so-called US suspension agreement has sheltered Russian steelmakers from steep anti-dumping duties on hot-rolled, flat-rolled, carbon quality steel, instead setting a cap on imports and a minimum price.

It was scrapped on Dec. 19. As a result, Russian steelmaker Severstal (now faces anti-dumping duties of 73.59%, while other producers like Novolipetsk Steel and Magnitogorsk Iron and Steel Works face duties of 184.56%.

In their submission to Commerce, Severstal, Novolipetsk and Magnitogorsk said the duties were punitive because they were calculated 15 years ago under a different economic situation and dumping methodology and based on outdated prices.

But US producer Nucor Corp. said it was normal procedure to apply the duty rates calculated in the original investigation.

Chinese HRC saw a 5.8% drop on Monday, December 22, landing at CNY 2,910 ($467.85) per metric ton and making it the biggest mover of the day. The price of Chinese slab rose 4.9% yesterday, just off the 30-day low of CNY 2,990 ($480.71) per metric ton it hit on Thursday, December 18. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,080 ($173.63) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.05) and a low price of CNY 840.00 ($135.05) per dry metric ton.

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

The 3-month price of the US HRC futures contract remained essentially flat at $606.00 per short ton. Following two days of downward movement, the spot price of the US HRC futures contract held steady at $596.00 per short ton.

Indian steel giant Tata Steel Ltd. resumed production from 2 of its 4 iron ore mines on Tuesday, a company source and a government official told Reuters, cutting a shortage that had forced the company to import the raw material for the first time.

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Court restrictions over the past 3 years to curb illegal mining have stifled iron ore output in India, which used to be the world’s third largest supplier. As a result, Tata Steel and JSW Steel  are turning to imports even as international prices languish.

Tata Steel reopened the iron ore mines in Odisha after a court directed the local government to let the company operate them until a hearing on Jan. 28.

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Chinese steel closed mixed last Friday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.19) and a low price of CNY 840.00 ($135.19) per dry metric ton. Chinese slab saw its price drop 4.7% to a 30-day low of CNY 2,850 ($458.69) per metric ton last Friday. Chinese HRC was down 3.1% from the previous market day, closing at CNY 3,090 ($497.32) per metric ton.

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

The spot price of the US HRC futures contract saw a 1.5% decline to $596.00 per short ton. The 3-month price of the US HRC futures contract saw little movement last Friday, closing out around $606.00 per short ton.

China appears to have been routinely underestimating output from its sprawling steel sector, with official figures for last year alone 40 million tons below a key industry estimate – an amount equivalent to Germany’s entire annual production, Reuters reported.

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Beijing has vowed to cut overcapacity in its steel sector, the world’s biggest, but huge discrepancies in the data suggest that policies aimed at cutting emissions and modernizing the economy are often not being implemented on the ground.

Cash-strapped local governments have an incentive to turn a blind eye to unauthorised but profitable steel production rather than risk job losses and mill closures by forcing them to comply with Beijing’s new efficiency or emissions targets.

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Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.19) and a low price of CNY 840.00 ($135.19) per dry metric ton. The price of Chinese slab rose 3.5% yesterday, just off the 30-day low of CNY 2,990 ($481.22) per metric ton it hit on Tuesday, December 16. After two flat days, the price of Chinese HRC inched up 3.2% on Thursday to CNY 3,190 ($513.41).

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

The spot price of the US HRC futures contract moved on Thursday. After a few changeless days, prices dropped 1.5% to $605.00 per short ton. After a couple of days of decreasing prices, the 3-month price of the US HRC futures contract held steady at $606.00.

Steel’s price fell, just as most commodities did this week, due to lower oil prices. Steel has been flat to down for most of the year and the winter season in China will likely cause the industrial metal to fall further next year.

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Crude oil is now at its lowest level since 2009, hurting anything tied to oil production and while this will likely save in energy costs for steel producers, prices will not rise much without an accompanying increase in still-stagnant demand.

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.74) and a low price of CNY 840.00 ($135.74) per dry metric ton. The price of Chinese HRC rose 1.0% to CNY 3,090 ($499.33) per metric ton after falling 3.2% during the previous week. Chinese coking coal remained essentially flat from the previous week at CNY 1,080 ($174.52) per metric ton. Closing out the third week of declining prices, the price of Chinese slab dropped by 0.3%, finishing at CNY 2,890 ($467.01) per metric ton.

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

Korean steel prices were flat for the week. Closing at KRW 214,000 ($193.81) per metric ton, Korean steel scrap remained unchanged for the week. At KRW 635,000 ($619.69) per metric ton, the week finished with no movement for Korean pig iron.

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A US requirement that American steel be used to update an Alaska ferry terminal is causing some tension with Canadian officials, potentially threatening the project.

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The terminal is on Canadian soil, in British Columbia, but the land is leased to the state of Alaska. Under a 50-year lease signed last year, the state is required to rebuild the terminal facilities and docking structure on that land.

The vast majority of funding for the construction work is expected to come from the Federal Highway Administration, which has “Buy America” requirements for steel, iron and manufactured products used in projects it funds. The rest of the funding would come from the state.

The requirement for materials produced in the US can be waived in some circumstances, such as when use of domestic material would raise costs by more than 25%, US products are in limited quantity, or their use “would be inconsistent with the public interest.”

In a letter to Alaska Gov. Bill Walker this month, Gary Doer, the Canadian ambassador to the US, said applying Buy America restrictions to a project on Canadian soil is unacceptable.

With a decline of 0.7% to $606.00 per short ton on Wednesday, December 17, the 3-month price of the US HRC futures contract recorded the biggest decline of the day. The spot price of the US HRC futures contract saw little movement on Wednesday, closing out around $614.00 per short ton.

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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 ($135.74) and a low price of CNY 840.00 ($135.74) per dry metric ton. Chinese HRC saw little change in its price on Wednesday at CNY 3,090 ($499.33) 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 ($174.52) per metric ton.

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

U.S. Steel Corp.‘s cost advantage over domestic competitors from owning its own iron ore mines is shrinking as the price of the commodity used to make steel has sunk to a 4-year low.

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Analysts said iron ore’s decline to $70 a metric ton puts pressure on the Pittsburgh-based steelmaker because competitors will benefit from lower raw material costs that U.S. Steel has long enjoyed. That pressure will mount as steel prices follow iron ore prices lower, especially helping competitors with lower production costs such as Nucor Corp., U.S. Steel’s chief rival.

“The U.S. Steel guys are going to have to work real hard to separate the revenue declines from external forces,” John Tumazos of Very Independent Research of Holm-del, N.J. told the Pittsburgh Tribune-Review. “Everything they’ve done in the last two years to cut costs was necessary, but everything points to more cost cuts.”

Under CEO Mario Longhi’s leadership, the steelmaker has closed mills, saved $500 million by halting an iron ore expansion project in Keewatin, Minn., relinquished control of its money-losing Canadian unit and saved $495 million under its Carnegie Way initiative to cut costs and return to profitability.

On Tuesday, December 16, the day’s biggest mover was Chinese slab, which saw a 10.6% decline to CNY 2,890 ($466.85) per metric ton. Following a two-day rise, the price of Chinese HRC flattened at CNY 3,090 ($499.16). The price of Chinese coking coal saw little movement at CNY 1,080 ($174.46) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.69) and a low price of CNY 840.00 ($135.69) per dry metric ton.

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

The 3-month price of the US HRC futures contract weakened by 0.3%, settling at $610.00 per short ton. The US HRC futures contract spot price held steady around $614.00 per short ton.

China steel and iron ore futures fell on Tuesday, wiping out the gains seen late last week, with little sign of any new policy support for a market now entering its seasonal lull.

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A combination of expanding supplies and weakening demand growth in China, the world’s biggest steelmaking country, has prompted several investment banks to cut their 2015 iron ore price forecasts, with JPMorgan Chase slashing its estimates by 24% to an average of $67 per ton for next year.

Many Chinese steel mills have become profitable due to the rapid fall in raw material costs, including iron ore, but traders warn the situation could be temporary, with no indication that China’s oversupply problems are being addressed.

On Monday, December 15, Chinese slab jumped up 2.6%, landing at CNY 3,233 ($523.17) per metric ton and making it the day’s biggest increase. Chinese HRC saw its price rise 0.7% to CNY 3,090 ($500.03) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,080 ($174.77) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.93) and a low price of CNY 840.00 ($135.93) per dry metric ton.

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

The 3-month price of the US HRC futures contract saw a 0.8% decline to $612.00 per short ton. The spot price of the US HRC futures contract saw little movement on Monday at $614.00 per short ton.

China’s Hebei Iron and Steel Group has agreed to acquire a controlling stake in global steel trader Duferco, as the country’s steel exports rise to a record, the Financial Times reported.

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This is believed to be the first example of a state-owned Chinese steel company taking a majority shareholding in a global metals trader.

It is also the latest indication of Chinese companies expanding overseas as Beijing reduces restrictions on outward investment.

Hebei Iron and Steel, China’s largest producer, is to take a 51 per cent stake in Duferco, according to Chinese media reports.

Chinese slab saw the biggest price decline of the day, dropping 0.9% to close at CNY 3,150 ($508.63) per metric ton on Friday, December 12. The price of Chinese HRC rose by 0.3% to CNY 3,070 ($495.71) last Friday after remaining flat for two days. The price of Chinese coking coal was unchanged at CNY 1,080 ($174.39) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.63) and a low price of CNY 840.00 ($135.63) per dry metric ton.

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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 essentially no change on the LME for the fifth day in a row, remaining around $480.00 per metric ton.

The 3-month price of the US HRC futures contract showed little movement last Friday, hovering around $617.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $614.00 per short ton.

ArcelorMittal and Tata Steel are dipping their toes into iron ore derivatives, marking a crucial milestone in developing trade for the world’s second-largest commodity after oil.

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Although the steelmakers continue to say publicly they do not use such products, sources told ZeeNews India that ArcelorMittal hedged a block of iron ore trades in September while Tata recently decided to use derivatives on a small scale next year.

Prices of iron ore – a key steelmaking input – have been volatile this year, falling 48 percent. While this should increase hedging needs, some experts say weak prices might temper enthusiasm among smaller steelmakers for hedging.

Chinese slab saw a 9.7% increase on Thursday, December 11, reaching CNY 3,180 ($514.84) per metric ton and making it the biggest upwards shift of the day. The price of Chinese HRC remained essentially flat at CNY 3,060 ($495.42) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,080 ($174.85) per metric ton for the fifth day in a row. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.00) and a low price of CNY 840.00 ($136.00) per dry metric ton.

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

The spot price of the US HRC futures contract declined 0.3% to $614.00 per short ton. The US HRC futures contract 3-month price weakened by 0.2%, settling at $617.00 per short ton.

Iron ore giant BHP Billiton expects Chinese steel consumption growth to slow next year and has already adjusted its strategy to cope with a supply glut that has caused global prices to collapse, executives said on Thursday.

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“We anticipated the change towards current market conditions and the rebalancing of supply and demand after a period of massive expansion and a time when supply struggled with demand, we saw these changes coming a long way off,” Chief Executive Andrew Mackenzie told reporters.

On Wednesday, December 10, the day’s biggest mover was the US HRC futures contract 3-month price, which saw a 0.3% increase to $618.00 per short ton. The spot price of the US HRC futures contract flattened at $616.00 following two-days of declines.

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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 ($135.76) and a low price of CNY 840.00 ($135.76) per dry metric ton. Chinese HRC held its value on Wednesday at CNY 3,060 ($494.57) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,080 ($174.55) per metric ton.

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

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