With a 2.1 percent increase over the past day, the 3-month price of steel billet was the biggest mover on the LME, closing at $245.00 per metric ton on Wednesday, November 27. The cash price of steel billet steadied at $240.00 per metric ton following two-days of increases on the LME.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India were range bound. Following three days of little change, the price of Chinese slab rose by 0.3 percent. For the fifth day in a row, the price of Chinese HRC remained essentially flat.
The 3-month price of the US HRC futures contract showed little movement on Wednesday, hovering around $650.00 per short ton. The spot price of the US HRC futures contract held steady at $668.00 per short ton.