Steel Billet Cash Price Drops 7.4%

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Commodities, Metal Prices, Premium

On Tuesday, May 14, the steel billet cash price fell by 7.4 percent on the LME, landing at $125.00 per metric ton and making it the day’s biggest mover. Also on the LME, the steel billet 3-month price saw little movement yesterday at $155.00 per metric ton.

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 ($136.67) and a low price of CNY 830.00 ($135.04) per dry metric ton. Chinese HRC ended the day at CNY 3,630 ($590.61) per metric ton, after the 0.8 percent drop yesterday. Chinese coking coal held its value on Monday at CNY 1,420 ($231.04) per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $607.00 per short ton. The US HRC futures contract spot price held steady around $583.00 per short ton.