Weakening prices changed direction when the cash price of steel billet rose 9.3 percent on Friday, April 19 on the LME to $153.00 per metric ton. Following a 6.1 percent rise last Friday, the steel billet 3-month price closed on the LME at $175.00 per metric ton.
Chinese steel closed mixed last Friday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.51) and a low price of CNY 830.00 ($133.90) per dry metric ton. Chinese slab ended the day at CNY 3,780 ($609.80) per metric ton, after the 0.3 percent drop last Friday. At CNY 3,780 ($609.80) per metric ton, the price of Chinese HRC was essentially unchanged.
After dropping for two days, the 3-month price of the US HRC futures contract flattened at $600.00. The US HRC futures contract spot price saw little movement last Friday at $598.00 per short ton.