The cash price of steel billet saw a 15.3 percent increase on Tuesday, September 24, reaching $219.00 per metric ton on the LME and making it the biggest mover for the day. Also on the LME, the 3-month price of steel billet rose 2.3 percent to $225.00 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 ($137.24) and a low price of CNY 830.00 ($135.61) per dry metric ton. The price of Chinese slab moved on Tuesday. After a few changeless days, prices dropped 0.3 percent to CNY 3,540 ($578.38) per metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 3,540 ($578.38) per metric ton.
The 3-month price of the US HRC futures contract remained essentially flat at $625.00 per short ton. The US HRC futures contract spot price held steady on Tuesday, remaining around $643.00 per short ton.