3-Mo Price of US HRC Futures Contract Drops

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Weakening prices ended a three-day flat streak as the 3-month price of the US HRC futures contract fell 0.2 percent on Tuesday, January 28 to $628.00 per short ton. The spot price of the US HRC futures contract saw little movement on Tuesday, closing out around $672.00 per short ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal remained steady.

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Also on the LME, the steel billet cash price held steady around $365.00 per metric ton. On the LME, the 3-month price of steel billet held steady around $360.00 per metric ton.