Cash Price of Steel Billet Turns Around After Two-Day Fall

The cash price of steel billet closed up Monday, January 6 at $300.00 per metric ton, halting two days of weakening prices on the LME with a 5.3 percent shift. The 3-month price of steel billet rose by 1.8 percent on the LME to $290.00 per metric ton after a three-day flat streak.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.82) and a low price of CNY 830.00 ($137.17) per dry metric ton. After holding steady for the past few days, the price of Chinese slab fell 1.7 percent, closing at CNY 3,550 ($586.70) per metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,480 ($575.13) per metric ton.

The US HRC futures contract spot price moved on Monday. After a few changeless days, prices dropped 0.3 percent to $673.00 per short ton. The 3-month price of the US HRC futures contract remained essentially flat at $633.00 per short ton.

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