With a 15.0 percent increase over the past day, the 3-month price of steel billet was the biggest mover on the LME, closing at $230.00 per metric ton on Tuesday, September 17. At $195.00, the cash price of steel billet finished the market day on the LME up 14.7 percent.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.24) and a low price of CNY 830.00 ($135.61) per dry metric ton. At CNY 3,580 ($584.91) per metric ton, Chinese slab fell 0.6 percent yesterday. After a couple of days of decreasing prices, the price of Chinese HRC held steady at CNY 3,540 ($578.37).
The US HRC futures contract 3-month price remained essentially flat at $623.00 per short ton. The US HRC futures contract spot price held steady at $642.00 per short ton.