Producers and metal buyers alike seem to be expecting a US sheet steel price increase in the near future, McGraw-Hill Financial reported Thursday. Expect several steel makers to coordinate a price increase in the coming months if one happens.

On Wednesday, April 2, the US HRC futures contract 3-month price experienced the biggest change, rising 1.6 percent to $645.00 per short ton. After a 1.1 percent increase, the spot price of the US HRC futures contract finished the day at $646.00 per short ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.31) and a low price of CNY 830.00 ($133.70) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,340 ($538.03) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($223.91) per metric ton.

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The steel billet cash price held steady on the LME at $390.00 per metric ton. The steel billet 3-month price continues hovering around $400.00 per metric ton on the LME for the fifth day in a row.