The 3-month price of steel billet saw a 3.2 percent drop on the LME on Wednesday, June 5, landing at $150.00 per metric ton and making it the biggest mover of the day. Also on the LME, the cash price of steel billet showed little movement on Wednesday, hovering around $130.00 per metric ton.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.03) and a low price of CNY 830.00 ($135.40) per dry metric ton. The price of Chinese HRC increased 0.6 percent to CNY 3,440 ($561.19) per metric ton. The price of Chinese coking coal held steady at CNY 1,410 ($230.02) per metric ton.
The 3-month price of the US HRC futures contract saw a 0.5 percent decline to $606.00 per short ton. The US HRC futures contract spot price remained essentially flat at $588.00 per short ton.