Strengthening prices ended a three-day flat streak as the steel billet cash price moved up by 3.4 percent on Tuesday, September 10 on the LME to $150.00 per metric ton. The steel billet 3-month price rose by 2.9 percent on the LME to $175.00 per metric ton.
Chinese steel closed mixed yesterday. 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. The price of Chinese slab declined 0.5 percent to CNY 3,640 ($594.75) per metric ton. Chinese HRC stayed flat at around CNY 3,620 ($591.48) per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday, closing out around $625.00 per short ton. The spot price of the US HRC futures contract saw little change in its price on Tuesday at $642.00 per short ton.