Cash Price of Steel Billet Sees Small Price Drop

The steel billet cash price saw the biggest decline of the day, dropping 1.7 percent on the LME to close at $295.00 per metric ton on Tuesday, January 7. Also on the LME, the steel billet 3-month price showed little movement yesterday, hovering around $290.00 per metric ton.

Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.79) and a low price of CNY 830.00 ($137.14) per dry metric ton. Chinese slab closed 0.3 percent lower at CNY 3,540 ($584.91) per metric ton. The price of Chinese HRC remained essentially flat at CNY 3,480 ($574.99) per metric ton.

The spot price of the US HRC futures contract weakened by 0.4 percent, settling at $670.00 per short ton. The 3-month price of the US HRC futures contract was unchanged at $633.00 per short ton.

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