Suppliers and buyers made attempts to outbid each other for steel billet at FOB Black Sea last week. Suppliers are taking cues from a shortage at Ukrainian mills owing to the political crisis with Russia. Most eastern Ukraine mills have shut down amid the conflict, which led suppliers to increase offer levels to $520-530 per ton last week.
With a 2.3 percent increase over the past day, the steel billet cash price was the biggest mover on the LME, closing at $450.00 per metric ton on Monday, September 1. Also on the LME, the steel billet 3-month price inched up 2.2 percent to $455.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.74) and a low price of CNY 830.00 ($135.11) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($550.23) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($226.28) per metric ton for the fifth day in a row.
The 3-month price of the US HRC futures contract saw little movement at $645.00 per short ton. For the fifth day in a row, the spot price of the US HRC futures contract remained essentially flat at $675.00 per short ton.