Industry News

US Steel Stock Price Volatile as Biden Reportedly Prepares To Block Takeover

Views : 114
Update time : 2024-09-06 16:25:39

The flick higher on Friday ends five days of losses amid torrid conditions in China’s steel market, where prices for key products like rebar and hot-rolled coil continue to soften. Iron ore is still down about 9% for the week.

“There is no significant improvement in demand for steel products, so there’s little room for steel mills to resume production,” Zhang Shaoda, an analyst with China Futures Co., said. “The downward trend for iron ore is expected to continue.”

Steel consumption in China has weakened because of the country’s protracted real estate slowdown. While exports and growth in other sectors are softening the blow, cuts to steel output have left the iron ore market saddled with excess supply.

Singapore iron ore futures rose 0.9% to $91.85 a ton as at 3:55 p.m. local time.

Spot steel prices in China have continued to decline this week, underscoring weakness even as the market heads into what’s typically a busier construction period. Hot-rolled coil, which had posted a recovery in the second half of August, has returned to its cheapest since 2017,

Related News
Read More >>
China's primary aluminum imports decline, exports surge in May China's primary aluminum imports decline, exports surge in May
Jun .26.2025
China's primary aluminum imports decline, exports surge in May
Taiwan's Yusco expects environmental issues to drive stainless steel demand Taiwan's Yusco expects environmental issues to drive stainless steel demand
Jun .26.2025
Taiwan's Yusco expects environmental issues to drive stainless steel demand
LME nickel returns to $15,000 level on expected Fed interest rate cut LME nickel returns to $15,000 level on expected Fed interest rate cut
Jun .26.2025
LME nickel returns to $15,000 level on expected Fed interest rate cut
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode
Jun .26.2025
Fujian Tsingtuo Special Steel achieves global first in stainless plate manufacturing with three-hot integration mode