Chinese Slab Up 5.0%
With a 5.0 percent increase on Monday, July 8, Chinese slab was the biggest mover on the Raw Steels MMI®. The price of Chinese HRC ended a two-day climb, settling at CNY 3,550 ($578.31) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.44) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.84) and a low price of CNY 830.00 ($135.21) per dry metric ton.
On the LME, the steel billet cash price fell 3.6 percent to $135.00 per metric ton. The 3-month price of steel billet saw little price change yesterday on the LME at $160.00 per metric ton.
The US HRC futures contract 3-month price saw little movement yesterday at $619.00 per short ton. The US HRC futures contract spot price remained essentially flat at $635.00 per short ton.