The 3-month price of steel billet saw a 5.3 percent drop on the LME on Tuesday, April 16, landing at $180.00 per metric ton and making it the biggest mover of the day. Billet cash saw its price drop on the LME 4.3 percent to a thirty-day low of $155.00 per metric ton on Tuesday.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.75) and a low price of CNY 830.00 ($134.14) per dry metric ton. The price of Chinese HRC moved on Tuesday. After a few changeless days, prices dropped 2.6 percent to CNY 3,780 ($610.89) per metric ton. The price of Chinese slab fell 0.3 percent to CNY 3,810 ($615.74) per metric ton.
The US HRC futures contract 3-month price fell 0.7 percent to $610.00 per short ton. The spot price of the US HRC futures contract weakened by 0.5 percent, settling at $598.00 per short ton.