The steel billet cash price increased by 16.7 percent on Friday, July 5 to $140.00 per metric ton on the LME, making it the day’s biggest mover. Following a couple of essentially changeless days, the steel billet 3-month price rose by 6.7 percent on the LME, closing at $160.00 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 ($137.10) and a low price of CNY 830.00 ($135.46) per dry metric ton. The price of Chinese HRC increased 0.6 percent to CNY 3,550 ($579.39) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.86) per metric ton.
The US HRC futures contract spot price rose by 0.5 percent to $635.00 per short ton. The 3-month price of the US HRC futures contract held steady last Friday, remaining around $619.00 per short ton.