3-Month Price of Steel Billet Turns Around After Two-Day Fall

The steel billet 3-month price rose 7.7 percent on Thursday, July 25, making it the day’s biggest mover. After two days of falling prices on the LME, it closed at $140.00 per metric ton. A $5.00 decline in the steel billet cash price on the LME left the price at $110.00 per metric ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.87) and a low price of CNY 830.00 ($135.24) per dry metric ton. The price of Chinese HRC continues hovering around CNY 3,630 ($591.47) per metric ton for the fifth day in a row. The price of Chinese coking coal was unchanged at CNY 1,370 ($223.23) per metric ton.

The 3-month price of the US HRC futures contract increased 0.3 percent to $612.00 per short ton. The spot price of the US HRC futures contract finished the day at $636.00 per short ton following a 0.2 percent increase.

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