Cash Price of Steel Billet Weakens 11.6%

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The steel billet cash price closed Tuesday, October 22 at $190.00 per metric ton, halting its three-day flat run on the LME with a 11.6 percent drift. After remaining flat for three days, the steel billet 3-month price fell 4.3 percent yesterday on the LME to $220.00 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 ($137.86) and a low price of CNY 830.00 ($136.22) per dry metric ton. Chinese HRC prices inched up 1.7 percent to CNY 3,540 ($580.97) per metric ton. At CNY 3,550 ($582.61), the price of Chinese slab finished the market day up 1.4 percent per metric ton.

The US HRC futures contract spot price rose by 0.2 percent to $651.00 yesterday after remaining flat for two days. The US HRC futures contract 3-month price saw little movement on Tuesday at $650.00 per short ton.

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