On Friday, June 7, the day’s biggest mover was the steel billet cash price, which saw a 3.8 percent increase on the LME to $135.00 per metric ton. This increase comes after three straight days of stagnant prices. Last Friday, the steel billet 3-month price experienced a large decrease, rising 3.3 percent on the LME to land 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 ($136.83) and a low price of CNY 830.00 ($135.20) per dry metric ton. Chinese HRC closed 0.3 percent lower at CNY 3,430 ($558.73) per metric ton. The price of Chinese coking coal remained steady at CNY 1,410 ($229.68) per metric ton.
The US HRC futures contract 3-month price declined 0.2 percent to $605.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $588.00 per short ton.