The day’s biggest mover on our steel price index on June 13, 2012 was the cash price of steel billet which dropped by 7.4 percent to close at $314 per metric ton on the LME. The steel billet 3-month price on the LME has been on the decline for seven days and is now at $315 per metric ton.
(Given the latest LME data as of this writing, prices have since rebounded to the higher $300 per ton range.)
But the drop in the LME billet contract still gives cause for concern in the steel markets.
Chinese raw steel prices closed mixed yesterday. The high and low prices of iron ore 58% fines from India ranged from $125 to $130 per dry metric ton. Chinese HRC gained 0.2 percent, while the price of Chinese coking coal was unchanged.
The 3-month price of US HRC futures contract showed little movement on Wednesday at $620 per short ton. The US HRC futures contract spot price held steady around $625 per short ton.
Check back in for our look at the weekly Raw Steels MMI® and why ferrous scrap prices have take a hit.