Following two days of increases on the LME, the steel billet cash price dropped by 4.3 percent to end at $110.00 per metric ton on Tuesday, July 23. The 3-month price of steel billet was off by 3.6 percent on the LME yesterday, falling from $135.00 to $135.00 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 ($136.73) and a low price of CNY 830.00 ($135.11) per dry metric ton. The price of Chinese slab increased 0.6 percent to CNY 3,640 ($592.52) per metric ton. Chinese HRC saw little change in its price on Tuesday at CNY 3,630 ($590.89) per metric ton.
The US HRC futures contract 3-month price held steady yesterday, remaining around $605.00 per short ton. The spot price of the US HRC futures contract continues hovering around $635.00 per short ton for the fifth day in a row.