US steel price fall, affect world steel prices
Steel prices in the US fell by 2 points, or about 4% of course this affects the price of steel in the world. but the index collects 13 global steel and raw material price points. So, while prices in the U.S. fell, international prices held well and coking coal prices saw a spectacular increase.
The price of Chinese coking coal, a vital ingredient in the steelmaking process, more than doubled in September. Behind the surge are disruptions in Australia, a leading supplier to the export market, and production curbs in China caused by government restrictions.
Global steel production continues to increase. In August, production in China rose increase 3% year to year . The country still has a lot work to do if it wants to meet its target of reducing capacity. Meanwhile, U.S. steel production fell in August.
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