On Thursday, October 3, the day’s biggest mover was the cash price of steel billet, which saw a 4.8 percent increase on the LME to $219.50 per metric ton. Also on the LME, the steel billet 3-month price gained 2.1 percent to finish at $240.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.25) and a low price of CNY 830.00 ($135.61) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,500 ($571.87) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,370 ($223.85) per metric ton.
At $648.00, the spot price of the US HRC futures contract finished the market day up 2.0 percent per short ton. The 3-month price of the US HRC futures contract inched up 0.8 percent to $640.00 per short ton.