On Tuesday, November 5, the cash price of steel billet fell by 2.1 percent on the LME, landing at $230.00 per metric ton and making it the day’s biggest mover. Also on the LME, the steel billet 3-month price showed little movement yesterday, hovering around $240.00 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 ($137.78) and a low price of CNY 830.00 ($136.14) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,460 ($567.54) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,370 ($224.72) per metric ton.
The 3-month price of the US HRC futures contract declined 0.8 percent to $645.00 per short ton. After a 0.2 percent increase, the spot price of the US HRC futures contract finished the day at $660.00 per short ton.