Following a three-day flat streak, the 3-month price of the US HRC futures contract dropped by 0.8 percent to end at $645.00 per short ton on Tuesday, October 29. The US HRC futures contract spot price held steady at $651.00 per short ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.04) and a low price of CNY 830.00 ($136.40) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,450 ($566.96) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,370 ($225.14) per metric ton.
Also on the LME, the cash price of steel billet showed little movement on Tuesday, hovering around $215.00 per metric ton. On the LME, the 3-month price of steel billet remained essentially flat at $230.00 per metric ton.