Cash Price of Steel Billet Jump

The cash price of steel billet saw the biggest upwards shift for the day, rising 6.1 percent on the LME to close at $260.00 per metric ton on Tuesday, December 10. Also on the LME, the steel billet 3-month price inched up 2.0 percent to $260.00 per metric ton.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.35) and a low price of CNY 830.00 ($136.70) per dry metric ton. The price of Chinese HRC fell 1.7 percent yesterday to CNY 3,490 ($574.81) per metric ton after three straight days with no change. The price of Chinese coking coal saw little movement at CNY 1,430 ($235.52) per metric ton.

After remaining flat for three days, the US HRC futures contract 3-month price fell 0.8 percent on Tuesday to $645.00 per short ton. The spot price of the US HRC futures contract was unchanged at $676.00 per short ton.

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