On Monday, November 4, the day’s biggest mover was the cash price of steel billet, which saw a 2.1 percent decline on the LME to $235.00 per metric ton. The steel billet 3-month price weakened by 2.0 percent on the LME, settling at $240.00 per metric 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 ($137.80) and a low price of CNY 830.00 ($136.16) per dry metric ton. Chinese HRC stayed flat at around CNY 3,460 ($567.59) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,370 ($224.74) per metric ton.
The US HRC futures contract spot price rose by 1.2 percent to $659.00 per short ton after a three-day flat streak. The US HRC futures contract 3-month price dropped by 0.8 percent to $650.00 per short ton after holding steady.