Gina Rinehart’s Hancock Prospecting has delivered another mammoth profit as Australia’s richest person continues to diversify her interests beyond Hancock’s well-oiled iron ore cash machine.

Indian steel precision tube manufacturer Tube Investments of India Limited (TIIL) has firmed up plans to set up a greenfield production facility entailing an investment of $25.42 million, the company said in a statement on Tuesday,October 31.

In the week ending on October 28, 2023, US domestic raw steel production was 1,707,000 net tons while the capability utilization rate was 74.3 percent.

Finished Import Market Share YTD at 22%.

"Prices could test levels not seen since the early stages of the [Covid-19] pandemic," a German trading company said.

US Steel's cold-rolled coil (CRC) pricing was increased to $1,150/st.

October is the strongest volume month for the CME Group's North European hot-rolled coil (HRC) contract since February of this year.

Electric arc furnace (EAF) steelmaker Nucor is dropping its discrete plate prices by $140/short ton (st).