The steel billet cash price saw a 13.2 percent increase on Wednesday, October 23, reaching $215.00 per metric ton on the LME and making it the biggest mover for the day. At $230.00, the 3-month price of steel billet finished the market day on the LME up 4.5 percent.
Chinese steel closed mixed yesterday. 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 ended the day at CNY 3,480 ($571.13) per metric ton, after the 1.7 percent drop yesterday. The price of Chinese slab declined 1.4 percent to CNY 3,500 ($574.41) per metric ton.
The US HRC futures contract 3-month price held steady around $650.00 per short ton. The US HRC futures contract spot price held steady around $651.00 per short ton.