US Shredded Scrap Down 3.6% After Flat Spell

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($138.45) and a low price of CNY 830.00 ($136.81) per dry metric ton. At CNY 3,420 ($563.71) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal was unchanged at CNY 1,390 ($229.11) per metric ton.

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Also on the LME, the steel billet cash price saw little movement last Friday at $355.00 per metric ton. The 3-month price of steel billet continues hovering around $360.00 per metric ton on the LME for the fifth day in a row.

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The US HRC futures contract spot price fell 0.8 percent last Friday to $655.00 per short ton after three straight days with no change. The 3-month price of the US HRC futures contract fell 0.2 percent last Friday to $631.00 per short ton.