Korean Steel Scrap Moves Down 3.0%

Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($139.06) and a low price of CNY 830.00 ($137.41) per dry metric ton. The price of Chinese HRC rose by 0.3 percent to CNY 3,480 ($576.11) per metric ton. The price of Chinese slab fell 0.3 percent yesterday to CNY 3,510 ($581.08) per metric ton after three straight days with no change.

The cash price of steel billet saw little movement yesterday on the LME, closing out around $350.00 per metric ton. On the LME, the steel billet 3-month price remained essentially flat at $355.00 per metric ton.

The US HRC futures contract 3-month price flattened at $633.00 per short ton after two days of downward movement. The spot price of the US HRC futures contract held steady around $675.00 per short ton.

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