With a 0.8 percent increase over the past day, the spot price of the US HRC futures contract was the biggest mover, closing at $650.00 per short ton on Thursday, October 17. The US HRC futures contract 3-month price gained 0.3 percent to finish at $635.00 per short 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 ($137.70) and a low price of CNY 830.00 ($136.06) per dry metric ton. Chinese slab continued its trend downwards. Finishing the day at CNY 3,510 ($575.37) per metric ton, it dropped 0.3 percent. The price of Chinese HRC held steady at CNY 3,500 ($573.73) per metric ton.
The cash price of steel billet saw little price change on Thursday on the LME at $215.00 per metric ton. On the LME, the 3-month price of steel billet remained essentially flat at $230.00 per metric ton.