Korean Steel Scrap Climbs Out of Flat Spell

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Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.84) and a low price of CNY 830.00 ($136.20) per dry metric ton. Chinese HRC saw its price rise 0.3 percent to CNY 3,490 ($572.70) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($228.10) per metric ton.

Also on the LME, the cash price of steel billet remained essentially flat at $225.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $235.00 per metric ton.

The 3-month price of the US HRC futures contract saw a 0.5 percent decline to $655.00 per short ton. The US HRC futures contract spot price held steady around $668.00 per short ton.

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