Dropping Prices Continue for Steel Billet Cash Price

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.

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