The cash price of steel billet saw the biggest decline of the day, dropping 2.3 percent on the LME to close at $215.00 per metric ton on Tuesday, October 8. The 3-month price of steel billet saw a 2.0 percent decline on the LME to $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 continues hovering around CNY 3,500 ($571.86) per metric ton for the fifth day in a row. The price of Chinese coking coal was unchanged at CNY 1,370 ($223.84) per metric ton.
Tuesday saw the US HRC futures contract 3-month price drift down 0.3 percent to $638.00 per short ton after a couple of stagnant days. The US HRC futures contract spot price showed little movement yesterday at $648.00 per short ton.