Cash Price of Steel Billet Drops 7.7%

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The cash price of steel billet experienced the biggest price decline of the day, dropping 7.7 percent on the LME to close at $120.00 per metric ton on Tuesday, July 2. The steel billet 3-month price closed Tuesday at $150.00 per metric ton, halting its two-day flat run on the LME with a 6.2 percent decline.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.92) and a low price of CNY 830.00 ($135.29) per dry metric ton. Following three days of little change, the price of Chinese HRC rose by 0.6 percent to CNY 3,470 ($565.61) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($226.57) per metric ton.

The US HRC futures contract 3-month price saw a 0.2 percent decline to $619.00 per short ton. The spot price of the US HRC futures contract saw little movement yesterday at $632.00 per short ton.