The cash price of steel billet saw a 7.4 percent increase on Tuesday, October 1, reaching $209.50 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 increased 2.2 percent to $230.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.23) and a low price of CNY 830.00 ($135.59) per dry metric ton. Chinese HRC saw little change in its price on Tuesday at CNY 3,500 ($571.79) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,370 ($223.81) per metric ton.
The US HRC futures contract 3-month price inched up 0.5 percent to $630.00 per short ton. The US HRC futures contract spot price held steady around $630.00 per short ton.