LME Steel Billet Cash Price Drops Nearly 4%, Chinese Slab Down

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The cash price of steel billet experienced the biggest price shift of the day on our steel price index, dropping 3.9 percent on the LME to close at $370 per metric ton on July 23, 2012. Also on the LME, the 3-month price of steel billet fell 1.2 percent to $400 per metric ton.

Chinese steel prices were mixed for the day. The high and low price of iron ore 58% fines from India remained in the $130-135 per dry metric ton range. Chinese slab prices saw a 2.3 percent decline. Chinese HRC ended the day with a 1.6 percent drop on Monday.

The US HRC futures contract 3-month price gained 0.8 percent to finish at $635 per short ton. The US HRC futures contract spot price saw essentially no change for the fifth day in a row, remaining around $605 per short ton.

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