Steel Billet Cash Price Changes Direction
Following two days of increases on the LME, the steel billet cash price dropped by 2.3 percent to end at $215.00 per metric ton on Friday, October 25. Also on the LME, the 3-month price of steel billet remained essentially flat 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 ($138.12) and a low price of CNY 830.00 ($136.48) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,480 ($572.23) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,370 ($225.27) per metric ton.
The 3-month price of the US HRC futures contract saw little movement last Friday, closing out around $650.00 per short ton. The US HRC futures contract spot price remained essentially flat at $651.00 per short ton.