Following two days of increases on the LME, the steel billet 3-month price dropped by 6.4 percent to end last week at $440 per metric ton. Weakening prices followed two days of improvement as the cash price of steel billet dropped six percent on the LME to $429 per metric ton.
Chinese steel prices, however, were mixed for the day.
The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton last Friday. Chinese HRC ended last week with a 0.5 percent drop. The price of Chinese coking coal continued holding flat.
The 3-month price for the US HRC futures contract has been on the decline for seven days and is now at $655 per short ton. The US HRC futures contract spot price has also been on the downward slope for seven days and is now at $662 per short ton.