On Wednesday, November 13, the day’s biggest mover was the steel billet cash price, which saw a 4.4 percent increase on the LME to $235.00 per metric ton. The steel billet 3-month price held steady on Wednesday on the LME, remaining around $235.00 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 ($137.87) and a low price of CNY 830.00 ($136.22) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,540 ($581.01) per metric ton. At CNY 1,390 ($228.14) per metric ton, the price of Chinese coking coal was essentially unchanged.
Weakening prices followed two days of improvement as the 3-month price of the US HRC futures contract dropped 1.4 percent to $655.00 per short ton. The US HRC futures contract spot price remained essentially flat at $665.00 per short ton.