US HRC Futures Contract 3-Month Price Lower; Chinese Steel Prices Steady

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The 3-month price of the US HRC futures contract experienced the biggest price decline of the day, dropping 0.5 percent to close at $617.00 per short ton on Friday, February 28. The spot price of the US HRC futures contract held steady around $654.00 per short ton.

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Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC remained essentially flat. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.

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The steel billet cash price was unchanged on the LME at $355.00 per metric ton. The steel billet 3-month price saw little movement on the LME at $360.00 per metric ton.