Steel prices need to go up with the increasing costs of raw materials. Kirby Adams admitted that Bluescope was wrong not to purchase an iron ore mine in its infancy.
One thing though the No 5 B/F reline should be announced soon. This will cause a reduced output as well as a cost of in the vicinity of 350 million dollars. This presents a problem that is why bluescope has delayed the reline announcement. Conveniently timed with the CEO's departure.
These 2 items are bombshells which will certaily put a bombshell ubder the current price.
Having looked at it today it seems that the big boys were buying, however with the intention of dumping. Todays high was far from being sustained.
Steel prices need to go up with the increasing costs of raw...
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$21.47 |
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| Open | High | Low | Value | Volume |
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