The cash price of steel billet rose 3.8 percent on Wednesday, July 10, making it the day’s biggest mover. After two days of falling prices on the LME, it closed at $135.00 per metric ton. The 3-month price of steel billet rose by 3.1 percent on the LME to $165.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.02) and a low price of CNY 830.00 ($135.39) per dry metric ton. The price of Chinese HRC showed little movement yesterday at CNY 3,550 ($579.09) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($226.74) per metric ton.
After holding steady for the past few days, the US HRC futures contract 3-month price fell 0.3 percent, closing at $617.00 per short ton. The US HRC futures contract spot price showed little movement on Wednesday, hovering around $635.00 per short ton.