Steel Billet Cash Price Decline After Improvement

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Commodities, Metal Prices
Following two days of increases on the LME, the cash price of steel billet dropped by 2.5 percent to end at $350.00 per metric ton on Tuesday, January 14. Following a couple days of improvement, the steel billet 3-month price weakened by 1.4 percent on the LME. Prices closed at $355.00 per metric ton.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.99) and a low price of CNY 830.00 ($137.34) per dry metric ton. Chinese HRC held its value yesterday at CNY 3,470 ($574.18) per metric ton. The price of Chinese coking coal showed little movement yesterday at CNY 1,420 ($234.97) per metric ton.

The 3-month price of the US HRC futures contract declined 0.2 percent to $633.00 per short ton. The spot price of the US HRC futures contract held steady around $675.00 per short ton.

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