Spot Price of LME Steel Billet, HRC Futures Lower

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Last Friday’s biggest mover was the LME steel billet spot price, which dropped by 2.9 percent on April 20, 2012 to close at $476 per metric ton. Also on the LME, the 3-month price of steel billet showed little movement last Friday, hovering around $505 per metric ton.

Chinese steel prices were flat for the day. The prices of iron ore 58% fines from India ranged from CNY 870 ($138) to CNY 880 ($139) per dry metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,780 ($282) per metric ton. The price of Chinese slab also kept steady at CNY 4,400 ($697) per metric ton.

The US HRC futures contract 3-month price fell 0.7 percent to $675 per short ton. The US HRC futures contract spot price has been on the decline for thirteen days and is now at $687 per short ton.

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