The steel billet cash price saw a 6.5 percent drop on the LME on Wednesday, October 16, landing at $215.00 per metric ton and making it the biggest mover of the day. On Wednesday, the 3-month price of steel billet experienced a large decrease, rising 4.5 percent on the LME to land at $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 ($137.65) and a low price of CNY 830.00 ($136.01) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,500 ($573.53) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,370 ($224.50) per metric ton.
After three straight days of no change, the US HRC futures contract 3-month price decreased by 0.3 percent to $633.00 per short ton. The spot price of the US HRC futures contract rose by 0.3 percent to $645.00 per short ton after a three-day flat streak.