The 3-month price of steel billet saw a 12.0 percent drop on the LME on Tuesday, October 15, landing at $220.00 per metric ton and making it the biggest mover of the day. Also on the LME, the steel billet cash price gained 2.2 percent to finish at $230.00 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 ($137.55) and a low price of CNY 830.00 ($135.91) per dry metric ton. The price of Chinese slab increased 0.3 percent to CNY 3,520 ($576.38) per metric ton. The price of Chinese HRC held steady at CNY 3,500 ($573.10) per metric ton.
The 3-month price of the US HRC futures contract saw little movement on Tuesday at $635.00 per short ton. The spot price of the US HRC futures contract saw little movement on Tuesday, closing out around $643.00 per short ton.