JPM Steel | Daily Despatch: US spreads +1%; Asian spreads +1%; Nucor raises HRC price $5/st

Research evidence excerpt

JPM Steel | Daily Despatch: US spreads +1%; Asian spreads +1%; Nucor raises HRC price $5/st

there is no domestic substitute. Steel Dynamics Inc. and the Steel Manufacturers

Association told USTR that pig iron is essential to EAF production, which now accounts for more than 70% of US steel

output. Source: SMU

• US scrap tags end up soft sideways in July: The US scrap market has settled soft sideways this month, sources told SMU.

As things unfolded, several of the largest EAF steelmakers saw a chance to lower prices of HMS, shredded, and plate and

structural. This was partly due to weakness in the export markets off the US East and Gulf Coasts. Source: SMU

• Commerce seeks comments in new Section 232 probe into coal imports: The US Commerce Department has opened a new

Section 232 national security investigation of anthracite and metallurgical coal imports. The department is seeking detailed

input from the industry on supply risks, import dependence, and potential national security impacts. Source: SMU

• Baosteel lifts HRC list prices slightly for August sales: Baosteel, the listed arm of the world’s top steelmaker China Baowu

Steel Group, is raising the list prices for its major flat-rolled products including HRC by Yuan 50/tonne ($7.4/t) for domestic

sales in August, according to the company’s latest pricing announcement issued late on July 10. Source: MySteel

• Whyalla bidder Jindal’s Aussie arm battling massive coal claim in court: NSW coal miner Wollongong Resources is

Jindal Steel’s only Australian asset, but safety regulators ordered the closure of its Russell Vale coal mine in 2024 after five

underground fires in a short period. It and the Wongawilli colliery were mothballed at the cost of more than 200 jobs. The