This is $130/tonne below the first quarter contract prices
settled between Glencore and NSSMC in mid-December, when spot
prices were closer to $300/tonne FOB. Based on MB Indices, Q4
saw spot prices averaging $66/tonne FOB higher than contract
prices. This leaves Japanese integrated mills, who were among
the lowest cost steel producers in Q4 (source: MBR Global Steel
Cost Service) at a large disadvantage of more than $100/tonne
As a result of rising costs, Japanese...