The steel billet 3-month price saw a 8.6 percent drop on the LME on Monday, April 22, landing at $160.00 per metric ton and making it the biggest mover of the day. Billet cash saw its price drop on the LME 8.5 percent to a thirty-day low of $140.00 per metric ton on Monday.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.77) and a low price of CNY 830.00 ($134.16) per dry metric ton. After three straight days of no change, the price of Chinese coking coal decreased by 3.9 percent to CNY 1,490 ($240.84) per metric ton. Following three days of little change, the price of Chinese HRC rose by 0.5 percent to CNY 3,800 ($614.21) per metric ton.
The US HRC futures contract 3-month price remained essentially flat at $600.00 per short ton. The US HRC futures contract spot price showed little movement on Monday, hovering around $598.00 per short ton.