Steel Billet 3-Month Price Drops 10.5%

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Commodities, Metal Prices, Premium

The steel billet 3-month price experienced the biggest price decline of the day, dropping 10.5 percent on the LME to close at $170.00 per metric ton on Thursday, September 5. Also on the LME, the steel billet cash price remained essentially flat at $145.00 per metric ton.

Chinese steel closed mixed on Thursday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.25) and a low price of CNY 830.00 ($135.62) per dry metric ton. Chinese HRC closed 0.5 percent lower at CNY 3,620 ($591.48) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.85) per metric ton.

The 3-month price of the US HRC futures contract continues hovering around $628.00 per short ton for the fifth day in a row. The spot price of the US HRC futures contract showed little movement yesterday, hovering around $645.00 per short ton.