On Thursday, November 7, the day’s biggest mover was the cash price of steel billet, which saw a 4.3 percent decline on the LME to $225.00 per metric ton. The 3-month price of steel billet saw little price change yesterday on the LME at $235.00 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 ($137.86) and a low price of CNY 830.00 ($136.22) per dry metric ton. After a 2.3 percent increase, the price of Chinese HRC finished the day at CNY 3,540 ($581.00) per metric ton. Just off of a 30-day low of CNY 1,390 ($228.13) per metric ton, the price of Chinese coking coal rose 1.5 percent yesterday.
The US HRC futures contract 3-month price inched up 0.8 percent to $650.00 per short ton. The US HRC futures contract spot price saw little movement yesterday, closing out around $660.00 per short ton.