Steel Products Prices North America
CRU: Rio Tinto Winds Down Iron Ore Ops in Canada Amid Wildfires
Written by CRU Americas
June 7, 2023
The Iron Ore Company of Canada (IOC) is starting to idle its mine, concentrator and pellet plant near Labrador City because of the impact of wildfires in Quebec province.
The actions follow the Rio Tinto-owned company suspending transport on its 418km Quebec North Shore and Labrador Railway (QNS & L) linking the mine to the Sept-Iles port as fires rage in the Sept-Iles area. Smoke has engulfed vast areas, and the QNS & L railway operations will remain suspended until at least June 9, the company said.
Telecommunications infrastructure and the power line running alongside the track have been damaged and IOC has installed a temporary sprinkler system at a bridge and rail-side tower just north of Sept-Iles as a precaution.
“We have a certain capacity to stockpile up in Labrador City, but at a certain point, if we can’t bring product down to Sept-Iles, we just can’t stockpile forever,” a spokesman was quoted as saying by the Globe and Mail newspaper.
However, as IOC had scheduled its annual maintenance break in the coming days, the impact will be minimized, he also said.
Canada as a whole is experiencing what is regarded as its most destructive spring wildfire season ever, with 164 currently burning across Quebec alone and 114 of them are out of control, according to the provincial government.
Some mineral exploration companies have suspended activities. Oil, forestry and seafood are among other impacted industries.
CRU Americas
Read more from CRU AmericasLatest in Steel Products Prices North America
Nucor lifts HR spot price by $10/ton
Nucor has raised its weekly spot list price on hot-rolled coil by $10 per short ton (st) after keeping it unchanged since Aug. 25.
Atlas Tube up $50/ton following NLMK USA sheet price hike
Atlas Tube, in a leading move, said it aims to increase prices for mechanical tubing, hollow structural sections (HSS), and piling products by at least $50 per short ton (st).
NLMK USA up $50/ton on HR and CR, up $100/ton on coated
NLMK USA plans to increase prices for hot-rolled and cold-rolled coil by at least $50 per short ton (st). The move is effective immediately for all spot orders, the steelmaker said in a letter to customers on Friday.
SMU Price Ranges: Sheet floor holds as market debates upside
Our average HR coil price increased $5/short ton from last week, marking a second consecutive week of modest gains. Market participants generally attributed the increase to...
Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.