Still Quiet on the Steel Price Front

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Friday was another day without much movement in the price of steel on the London Metal Exchange. Chinese steel giant Baosteel, accordingly, did not rise prices on its main steel products for the rest of August, the second month of static prices, and, overall, Chinese steel prices hit an all-time low.

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The cash price of steel billet held steady on the LME at $420.00 per metric ton. For the fifth day in a row, the steel billet 3-month price remained essentially flat on the LME at $425.00 per metric ton.

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 ($136.52) and a low price of CNY 830.00 ($134.90) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($549.33) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,390 ($225.91) per metric ton.

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The US HRC futures contract 3-month price saw little movement last Friday, closing out around $645.00 per short ton. For the fifth consecutive day, the US HRC futures contract spot price held flat at $675.00 per short ton.

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