Indian steelmakers JSW and Essar both announced price cuts to their primary products today. Both said the price cut was due to the valuation of the Indian Rupee.
On Monday, March 31, the US HRC futures contract spot price experienced the biggest change, rising 2.2 percent to $639.00 per short ton. The 3-month price of the US HRC futures contract weakened by 1.2 percent, settling at $635.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.41) and a low price of CNY 830.00 ($133.80) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,360 ($541.64) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($224.07) per metric ton.
The steel billet cash price saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $400.00 per metric ton.