Steel Billet Cash Price Experiences Large Decrease

With a decline of 8.7 percent on the LME to $200.00 per metric ton on Wednesday, September 25, the cash price of steel billet recorded the biggest decline of the day. Also on the LME, the steel billet 3-month price increased 2.2 percent to $230.00 per metric ton.

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. Chinese slab closed 0.3 percent lower at CNY 3,530 ($576.75) per metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,540 ($578.38) per metric ton.

The US HRC futures contract 3-month price remained essentially flat at $625.00 per short ton. The US HRC futures contract spot price held steady yesterday, remaining around $643.00 per short ton.

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