LME Billet 3-Month Price Drops Sharply After Climb on Steel Price Index

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Following two days of increases on the LME, the steel billet 3-month price dropped by 7.5 percent to end at $365 per metric ton on July 9, 2012, clearly the biggest mover on MetalMiner’s daily steel price index. Following a couple days of improvement, the steel billet cash price weakened by 5.3 percent on the LME. Prices closed at $364 per metric ton.

Chinese steel and steelmaking raw material prices were mixed for the day, while the US HRC futures spot price keeps taking hits.

The high and low prices of iron ore 58% fines from India stayed range-bound between $130 and $135 per dry metric ton. Chinese slab prices rose 0.5 percent, while the price of Chinese HRC remained steady between $630-$645 per metric ton.

The US HRC futures contract 3-month price inched up 1.6 percent to $635 per short ton. The spot price of the US HRC futures contract has been on the decline for 22 days and is now at $605 per short ton.

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