On Wednesday, October 9, the steel billet cash price fell by 2.3 percent on the LME, landing at $210.00 per metric ton and making it the day’s biggest mover. The 3-month price of steel billet saw a 2.1 percent decline on the LME to $235.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.27) and a low price of CNY 830.00 ($135.64) per dry metric ton. After three essentially changeless days, the price of Chinese slab dropped 0.6 percent yesterday to CNY 3,490 ($570.34) per metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,500 ($571.97) per metric ton.
The 3-month price of the US HRC futures contract declined 0.5 percent to $635.00 per short ton. Wednesday saw the spot price of the US HRC futures contract drift down 0.5 percent to $645.00 per short ton after three quiet days.