Following a three-day flat streak on the LME, the 3-month price of steel billet climbed by 4.2 percent to end at $250.00 per metric ton on Thursday, December 5. The cash price of steel billet finished the day on the LME at $250.00 per metric ton following a 4.2 percent increase.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.89) and a low price of CNY 830.00 ($136.25) per dry metric ton. Chinese slab prices inched up 0.8 percent to CNY 3,570 ($586.05) per metric ton. At CNY 3,550 ($582.77) per metric ton, the price of Chinese HRC was essentially unchanged.
The 3-month price of the US HRC futures contract held steady around $650.00 per short ton. The US HRC futures contract spot price saw little movement yesterday at $676.00 per short ton.