LME Steel Billet Sees Small Price Drop

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The steel billet cash price saw the biggest decline of the day, dropping 1.7 percent on the LME to close at $295.00 per metric ton on Tuesday, January 7. Also on the LME, the steel billet 3-month price showed little movement yesterday, hovering around $290.00 per metric ton.

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Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India was range bound. Chinese slab closed 0.3 percent lower. The price of Chinese HRC remained essentially flat.

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The spot price of the US HRC futures contract weakened by 0.4 percent, settling at $670.00 per short ton. The 3-month price of the US HRC futures contract was unchanged at $633.00 per short ton.