The day’s biggest mover was the cash price of steel billet which dropped by 4.2 percent on Thursday, November 28 to close at $230.00 per metric ton on the LME. Weakening prices followed two days of improvement as the 3-month price of steel billet dropped 2.0 percent on the LME to $240.00 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 ($137.88) and a low price of CNY 830.00 ($136.23) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,490 ($572.84) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($228.15) per metric ton for the fifth day in a row.
For the fifth day in a row, the US HRC futures contract 3-month price remained essentially flat at $650.00 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $668.00 per short ton.