With a 2.5 percent increase over the past day, the cash price of steel billet was the biggest mover on the LME, closing at $487 per metric ton. Also on the LME, the steel billet 3-month price gained one percent to finish at $495 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 860 ($136) and a low price of CNY 870 ($137) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 4,290 ($679) per metric ton. The price of Chinese coking coal held steady at CNY 1,780 ($282) per metric ton.
The US HRC futures contract 3-month price held steady around $670 per short ton. The spot price of US HRC futures contract saw little movement at $685 per short ton.