Cash Price of Steel Billet Increases Significantly

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Commodities, Metal Prices, Premium

On Wednesday, July 24, the steel billet cash price experienced the biggest change, rising 4.5 percent on the LME to $115.00 per metric ton. A $5.00 decline in the steel billet 3-month price on the LME left the price at $130.00 per metric ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.89) and a low price of CNY 830.00 ($135.26) per dry metric ton. The price of Chinese HRC showed little movement on Wednesday at CNY 3,630 ($591.56) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.26) per metric ton.

The US HRC futures contract 3-month price rose by 0.8 percent to $610.00 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $635.00 per short ton.