Steel Billet Cash Price Sees Large Increase

On Friday, November 1, the steel billet cash price experienced the biggest change, rising 9.1 percent on the LME to $240.00 per metric ton. The steel billet 3-month price rose by 6.5 percent on the LME to $245.00 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 ($137.80) and a low price of CNY 830.00 ($136.16) per dry metric ton. After a few days of little change, the price of Chinese HRC jumped 0.3 percent, landing at CNY 3,460 ($567.59) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,370 ($224.74) per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $655.00 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $651.00 per short ton.

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