Despite analysts’ expectations that sales would decline, Chrysler Group LLC and Ford Motor Co posted “their best September U.S. sales increases in six and seven years, respectively,” reported Reuters.
“Ford’s sales rose 5.8 percent to 185,146. Chrysler, an affiliate of Italy’s Fiat SpA, said its sales were up 1 percent at 143,017.”
Meanwhile, the steel billet cash price experienced the biggest price decline of the day, dropping 6.7 percent on the LME to close at $195.00 per metric ton on Monday, September 30. After two changeless days, the 3-month price of steel billet fell 2.2 percent on the LME to $225.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC saw little change in its price yesterday. The price of Chinese coking coal continues to hover for the fifth day in a row.
The spot price of the US HRC futures contract weakened by 2.3 percent. The 3-month price of the US HRC futures contract increased 0.3 percent.