With a 1.2 percent increase over the past day, the 3-month price of steel billet was the biggest mover on the LME, closing at $365 per metric ton on June 27, 2012. After a 0.8 percent increase, the cash price of steel billet finished the day on the LME at $363 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India remained range bound at the $130 mark per dry metric ton. Chinese HRC held its value yesterday and currently trades at a $30/short ton discount to US HRC. The price of Chinese coking coal saw little movement.
The US HRC futures contract 3-month price dropped by 0.8 percent to $625 per short ton after holding steady. For the fifth day in a row, the US HRC futures contract spot price remained essentially flat at $620 per short ton.