Chinese Slab Drifts; LME Steel Billet Remains Steady

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Chinese slab had the largest decline on Wednesday, January 8, dropping 0.6 percent. The price of Chinese HRC saw little movement. The price of Chinese coking coal saw essentially no change for the fifth day in a row. The price of iron ore 58% fines from India was range bound.

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Also on the LME, the cash price of steel billet saw little movement yesterday at $295.00 per metric ton. On the LME, the 3-month price of steel billet showed little movement on Wednesday, hovering around $290.00 per metric ton.

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The 3-month price of the US HRC futures contract gained 0.3 percent, closing at $635.00 per short ton. The spot price of the US HRC futures contract flattened at $670.00 per short ton after two days of downward movement.