Following a three-day flat streak on the LME, the cash price of steel billet dropped by 7.7 percent to end at $120.00 per metric ton on Tuesday, June 18. After three essentially changeless days, the 3-month price of steel billet dropped 6.7 percent on the LME yesterday to $140.00 per metric ton.
Chinese steel closed mixed on Tuesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.15) and a low price of CNY 830.00 ($135.52) per dry metric ton. After a 0.6 percent increase, the price of Chinese HRC finished the day at CNY 3,450 ($563.30) per metric ton. The price of Chinese coking coal held steady at CNY 1,410 ($230.22) per metric ton.
The US HRC futures contract 3-month price held steady yesterday, remaining around $605.00 per short ton. The spot price of the US HRC futures contract saw little change in its price yesterday at $600.00 per short ton.