Following a two-day decline on the LME, the cash price of steel billet climbed up 5.3 percent to end at $100.00 per metric ton on Thursday, July 18. Just off of a 30-day low of $125.00 per metric ton, the steel billet 3-month price rose 4.2 percent yesterday on the LME.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.93) and a low price of CNY 830.00 ($135.30) per dry metric ton. At CNY 3,630 ($591.75), the price of Chinese HRC finished the market day up 1.1 percent per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.33) per metric ton.
For the fifth day in a row, the 3-month price of the US HRC futures contract remained essentially flat at $610.00 per short ton. The spot price of the US HRC futures contract saw essentially no change for the fifth day in a row, remaining around $635.00 per short ton.