LME Steel Billet 3-Month Price Drops 3%, Chinese Slab Falls

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On April 23, 2012, the 3-month price of steel billet fell by three percent on the LME, landing at $490 per metric ton and making it the day’s biggest mover on in steel prices. Also on the LME, the cash price of steel billet declined 0.8 percent to $472 per metric ton.

Chinese steel prices were mixed for the day. Iron ore 58% fines from India ranged from CNY 870 ($138) to CNY 880 ($139) per dry metric ton. After remaining flat for three days, the price of Chinese slab fell 0.2 percent on Monday to CNY 4,390 ($696) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,780 ($282) per metric ton.

The US HRC futures contract 3-month price weakened by 0.3 percent, settling at $673 per short ton. The spot price of US HRC futures contract has been on the decline for thirteen days and is now at $687 per short ton.

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