The day’s biggest mover on our steel price index was the steel billet cash price which dropped by 2.9 percent on June 12, 2012 to close at $339 per metric ton on the LME. Also on the LME, the 3-month price of steel billet declined 2.9 percent to $340 per metric ton.
This comes after clients told the LME to review and overhaul the way the LME billet contract works, due to disgruntlement over slow delivery times and the disconnect between physical and futures steel prices, according to Reuters.
Chinese steel and raw materials, including coking coal and iron ore prices, were flat for the day.
The high and low prices of iron ore 58% fines from India ranged between $125 and $130 per dry metric ton. Chinese HRC saw little change in its price on Tuesday at above $650 per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
The 3-month price of the US HRC futures contract weakened by 1.6 percent, settling at $620 per short ton. The US HRC futures contract spot price saw a 0.5 percent decline to $625 per short ton.