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 was range bound. Chinese slab closed 0.3 percent lower. The price of Chinese HRC remained essentially flat.
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.