Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.73) and a low price of CNY 830.00 ($136.09) per dry metric ton. Closing out a three-day flat streak, the price of Chinese slab moved up 1.1 percent to CNY 3,520 ($577.16) per metric ton. The price of Chinese HRC showed little movement yesterday at CNY 3,460 ($567.32) per metric ton.
After falling for two days, the cash price of steel billet rose 2.2 percent on the LME to $235.00 per metric ton. The 3-month price of steel billet weakened by 2.1 percent on the LME, settling at $235.00 per metric ton.
The 3-month price of the US HRC futures contract steadied at $645.00 per short ton following two-days of dropping prices. The US HRC futures contract spot price steadied at $660.00 per short ton following two-days of increases.