LME Steel Billet 3-Month Price Gains, Chinese HRC Falls

Rising 3.8 percent to close at $405 per metric ton, the 3-month price of steel billet experienced the biggest change on the LME for July 20, 2012. Also on the LME, the cash price of steel billet rose 2.7 percent to $385 per metric ton.

Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India remained at last week’s levels. Last Friday, Chinese HRC prices fell 3 percent. Following a quiet couple of days, the price of Chinese slab fell 1.8 percent.

The 3-month price of US HRC futures contract weakened by 1.6 percent, settling at $630 per short ton. The US HRC futures contract spot price was unchanged at $605 per short ton.