The steel billet cash price saw the biggest shift of the day on our daily steel price index, dropping 3.5 percent on the LME to close at $385 per metric ton on July 17, 2012. The steel billet 3-month price weakened by 0.2 percent on the LME, settling at $400 per metric ton.
Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India remained steady, while Chinese slab price finished the day down 1.3 percent. After three straight days of no change, the price of Chinese HRC decreased by 0.7 percent.
The 3-month price of the US HRC futures contract saw little change in its price yesterday at $638 per short ton. The spot price of US HRC futures remained essentially flat at $605 per short ton.