The majority of US sheet steel buyers remained on the sidelines Tuesday ahead of the Christmas and New Year holidays, further weighing down prices, Platts reported.
At least some buyers, however, were hopeful that a combination of improved first-quarter demand and low inventories will soon push buyers back into the market.
Chinese HRC saw a 5.2% increase on Wednesday, December 24, reaching CNY 3,060 ($491.60) per metric ton and making it the biggest upwards shift of the day. Chinese slab finished the day up 2.3% to CNY 3,070 ($493.21) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,080 ($173.51) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.95) and a low price of CNY 840.00 ($134.95) per dry metric ton.
The steel billet cash price held steady on the LME at $500.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $480.00 per metric ton.
The 3-month price of the US HRC futures contract was unchanged at $606.00 per short ton. The spot price of the US HRC futures contract remained essentially flat at $605.00 per short ton.