The cash price of steel billet saw a 1.4 percent drop on the LME on Monday, landing at $365.00 per metric ton and making it the biggest mover of the day. The steel billet 3-month price saw a 1.3 percent decline on the LME to $370.00 per metric ton.
Chinese steel futures hit record lows and spot iron ore prices posted the biggest one-day fall in more than four years on Monday after China’s trade balance swung into deficit and amplified fears of a slowdown in the world’s No. 2 economy, according to Reuters. The most-traded rebar for October delivery on the Shanghai Futures Exchange slid 4 percent to settle at its lowest ever level, falling by its daily downside limit.
Chinese steel prices were mixed for the day, despite the futures market. The price of iron ore 58% fines from India fluctuated in a short range. Monday saw the price of Chinese HRC drift down 0.9 percent after three quiet days. The price of Chinese coking coal held steady.
The US HRC futures contract spot price fell 0.2 percent on Monday after three straight days with no change. The US HRC futures contract 3-month price saw little change in its price on Monday.