The day’s biggest mover was the 3-month price of steel billet which dropped by 17.6 percent on Tuesday, April 30 to close at $140.00 per metric ton on the LME. The cash price of steel billet reached a 30-day low on the LME after decreasing 7.7 percent to $120.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India remained tightly rangebound. For the fifth day in a row, the price of Chinese HRC remained essentially flat. The price of Chinese coking coal saw little movement.
The 3-month price of the US HRC futures contract rose 0.2 percent to $607.00 per short ton. The US HRC futures contract spot price continues hovering around $598.00 per short ton for the fifth day in a row.