On Tuesday, June 4, the day’s biggest mover was the 3-month price of steel billet, which saw a 3.3 percent increase on the LME to $155.00 per metric ton. This increase comes after two straight days of stagnant prices. The steel billet cash price saw little movement on Tuesday on the LME, closing out around $130.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India crept up its recent range. Chinese HRC prices inched up 0.9 percent. Tuesday saw the price of Chinese coking coal drift down 0.7 percent after three quiet days.
After hitting a 30-day low of $588.00 per short ton on Thursday, May 16, the US HRC futures contract spot price rose 1.7 percent on Tuesday. On the tail of a three-day flat streak, the 3-month price of the US HRC futures contract rose by 1.5 percent, settling at $609.00 per short ton.