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. While the price of iron ore 58% fines from India remained pretty rangebound, the price of Chinese coking coal fell 1.4 percent last Friday after three straight days with no change. Chinese HRC saw little change in its price last Friday.
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.