Steel Billet Cash Price Experiences Large Decrease

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The day’s biggest mover was the cash price of steel billet which dropped by 5.6 percent on Monday, September 16 to close at $170.00 per metric ton on the LME. The 3-month price of steel billet was off by 4.8 percent on the LME yesterday, falling from $200.00 to $200.00 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 ($137.27) and a low price of CNY 830.00 ($135.63) per dry metric ton. Chinese HRC prices saw a 0.3 percent decline to CNY 3,540 ($578.48) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.87) per metric ton.

The US HRC futures contract 3-month price saw little price change yesterday at $623.00 per short ton. The US HRC futures contract spot price remained essentially flat at $642.00 per short ton.

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