After Flat Days, Chinese HRC Drops 1.1%

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On Friday, September 27, the day’s biggest mover was the price of Chinese HRC, which saw a 1.1 percent decline to CNY 3,500 ($571.70) per metric ton. This was the first move after three changeless days. Chinese slab prices weakened by 0.3 percent, settling at CNY 3,510 ($573.34) per metric ton. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Monday, September 23. The price of Chinese coking coal continues hovering around CNY 1,370 ($223.78) per metric ton for the fifth day in a row. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.21) and a low price of CNY 830.00 ($135.58) per dry metric ton.

The steel billet cash price saw little price change last Friday on the LME at $209.00 per metric ton. On the LME, the steel billet 3-month price showed little movement last Friday, hovering around $230.00 per metric ton.

For the fifth day in a row, the US HRC futures contract 3-month price remained essentially flat at $625.00 per short ton. The spot price of the US HRC futures contract held steady last Friday, remaining around $645.00 per short ton.

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