On Thursday, March 20, the day’s biggest mover was the cash price of steel billet, which saw a 3.8 percent decline on the LME to $380.00 per metric ton. The 3-month price of steel billet continues hovering around $400.00 per metric ton on the LME for the fifth day in a row.
Nucor joined the trend of requiring minimum base prices on their flat rolled steel products on Wednesday. Nucor advised their customers in a letter that their hot-rolled, cold-rolled and galvanized products would all have minimum base price levels. ArcelorMittal made a similar price adjustment earlier and was matched by US Steel.
Chinese steel prices were flat for the day. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal remained essentially flat as well.
The US HRC futures contract 3-month price finished with a .8 percent increase. The US HRC futures contract spot price remained essentially flat.