On Monday, August 12, the cash price of steel billet fell by 7.7 percent on the LME, landing at $120.00 per metric ton and making it the day’s biggest mover. A $10.00 decline in the steel billet 3-month price on the LME left the price at $145.00 per metric ton.
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 ($137.14) and a low price of CNY 830.00 ($135.51) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,610 ($589.38) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.67) per metric ton.
The US HRC futures contract 3-month price rose 0.3 percent to $622.00 per short ton. The spot price of the US HRC futures contract held steady around $648.00 per short ton.