Steel Prices in Trouble? LME Billet 3-Month Price Down 10%

On June 8, 2012, the day’s biggest mover on our steel price index was the LME steel billet 3-month price, which saw a 9.9 percent decline to $360 per metric ton. After two changeless days, the cash price of steel billet fell 7.8 percent on the LME to $359 per metric ton.

Chinese steel prices were flat for the day, but iron ore prices dipped below their usual range.

The Chinese high and low prices of iron ore 58% fines from India ranged between $125 and $130 per dry metric ton. The price of Chinese HRC remained essentially flat, as did Chinese coking coal prices.

The US HRC futures contract 3-month price fell 1.9 percent to $630 per short ton. The spot price of the US HRC futures contract dropped by 0.3 percent to $628 per short ton after holding steady.

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