On Friday, July 12, the day’s biggest mover was the cash price of steel billet, which saw a 14.3 percent decline on the LME to $120.00 per metric ton. The 3-month price of steel billet was off by 9.1 percent on the LME last Friday, falling from $150.00 to $150.00 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 ($136.87) and a low price of CNY 830.00 ($135.24) per dry metric ton. The price of Chinese coking coal fell 1.4 percent last Friday to CNY 1,370 ($223.22) per metric ton after three straight days with no change. Chinese HRC saw little change in its price last Friday at CNY 3,570 ($581.68) per metric ton.
The US HRC futures contract 3-month price flattened at $610.00 following two-days of declines. The US HRC futures contract spot price held steady at $635.00 per short ton.