Iron Ore, Coking Coal Price Rangebound as LME Steel Billet Dips

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 kept steady. Following three days of little change, the price of Chinese HRC rose by 0.6 percent. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.

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.

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