Cash Price of Steel Billet Declines 22.9%

The cash price of steel billet experienced the biggest price decline of the day, dropping 22.9 percent on the LME to close at $135.00 per metric ton on Wednesday, June 26. Also on the LME, the 3-month price of steel billet fell 18.4 percent to $155.00 per metric ton.

Chinese steel prices were flat 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. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,450 ($561.30) per metric ton. Chinese coking coal stayed flat at around CNY 1,390 ($226.15) per metric ton.

The 3-month price of the US HRC futures contract rose 1.5 percent to $617.00 per short ton. The spot price of the US HRC futures contract continues hovering around $600.00 per short ton for the fifth day in a row.

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