At $365 per metric ton, the cash price of steel billet moved up 0.7 percent on June 28, 2012, continuing to suggest that the steep drop in scrap prices a couple of weeks ago may have more to do with an over-due correction in scrap prices as opposed to any significant negative change in underlying steel demand. At $366, the steel billet 3-month price finished the market day on the LME up 0.4 percent per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India stayed range bound in the low $130’s per dry metric ton. The price of Chinese HRC remained essentially flat as well. The price of Chinese coking coal also stayed flat.
The US HRC futures contract 3-month price showed little movement yesterday at $625 per short ton. The spot price of US HRC futures contract remained essentially flat at $620 per short ton.