Iron ore prices continued to push higher, equalling the longest stretch of gains seen in over two years. According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 30 cents, or 0.73%, to US$ 41.30/T. From December 11 when the spot price hit a record-low of US$ 38.30/T, the price has now rallied by 7.83%. The benchmark price has now rallied for seven sessions in a row, equalling the longest stretch of gains seen since August 2013. (Source – Steelonthenet)
Spot prices of seaborne HRC in Asia increased again Tuesday after four days, as both Chinese mills’ offers and overseas bids rose. This coincided with rise in domestic Chinese steel prices the same day. Platts assessed HRC 3.0mm thick at US$ 263-268/T FOB China on Tuesday up by US$3/T on day. There were no offers below US$ 265/T FOB China at present, given strong Chinese domestic prices. (Source - SBB, London)
Tata Steel, the sole domestic producer of heavy sections in the UK, has raised offer prices for structural sections by GBP 20/T effective from January 1. The move follows a GBP 30/T increase by ArcelorMittal's UK longs division earlier this month as steelmakers attempt to improve their margins in what has been a buoyant market volume-wise. (Source - SBB, London)
The US steel industry’s capability utilization dropped to 60.9% last week to the lowest level reached since December 26, 2009, according to American Iron and Steel Institute. In the week ended Saturday, US mills produced 1.456 million s.T. of raw steel, down by 4.4% from the 1.523 million s.T. made the week before. The industry’s capability utilization dropped to 60.9%, down from 63.7% the week before. (Source - Press Reports)
Vietnam’s Trade Ministry has announced the start of an investigation into steel imports following complaints by local producers that imports are affecting domestic production. Four Vietnamese companies have proposed a 45% tariff on imported steel billets and 33% on steel rods. Imports of billets have increased from 0.468 MT in 2012 to 1.5 MT now and of rods from 0.389 MT to 1.21 MT. (Source - Press Reports)
Spot prices of seaborne HRC in Asia increased again Tuesday after four days, as both Chinese mills’ offers and overseas bids rose. This coincided with rise in domestic Chinese steel prices the same day. Platts assessed HRC 3.0mm thick at US$ 263-268/T FOB China on Tuesday up by US$3/T on day. There were no offers below US$ 265/T FOB China at present, given strong Chinese domestic prices. (Source - SBB, London)
Tata Steel, the sole domestic producer of heavy sections in the UK, has raised offer prices for structural sections by GBP 20/T effective from January 1. The move follows a GBP 30/T increase by ArcelorMittal's UK longs division earlier this month as steelmakers attempt to improve their margins in what has been a buoyant market volume-wise. (Source - SBB, London)
The US steel industry’s capability utilization dropped to 60.9% last week to the lowest level reached since December 26, 2009, according to American Iron and Steel Institute. In the week ended Saturday, US mills produced 1.456 million s.T. of raw steel, down by 4.4% from the 1.523 million s.T. made the week before. The industry’s capability utilization dropped to 60.9%, down from 63.7% the week before. (Source - Press Reports)
Vietnam’s Trade Ministry has announced the start of an investigation into steel imports following complaints by local producers that imports are affecting domestic production. Four Vietnamese companies have proposed a 45% tariff on imported steel billets and 33% on steel rods. Imports of billets have increased from 0.468 MT in 2012 to 1.5 MT now and of rods from 0.389 MT to 1.21 MT. (Source - Press Reports)
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