The day’s biggest mover was the cash price of steel billet which dropped by 23.8 percent on Tuesday, July 16 to close at $99.00 per metric ton on the LME. The steel billet 3-month price fell 22.6 percent to a 30-day low on the LME of $120.00 per metric ton on Tuesday.
Chinese steel closed mixed on Tuesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.88) and a low price of CNY 830.00 ($135.25) per dry metric ton. Chinese slab saw its price rise 0.3 percent to CNY 3,620 ($589.88) per metric ton. The price of Chinese HRC remained steady at CNY 3,570 ($581.73) per metric ton.
The 3-month price of the US HRC futures contract held steady around $610.00 per short ton. The spot price of the US HRC futures contract saw little movement at $635.00 per short ton.