Weakening prices ended a three-day flat streak as the 3-month price of LME steel billet fell 6.2 percent on August 3, 2012, to $361 per metric ton. The steel billet cash price fell 4.3 percent last Friday on the LME to $359 per metric ton after three straight days with no change.
On the other side of the globe, Chinese steel prices were flat for the day.
The high and low prices of iron ore 58% fines from India remained in the $130 per dry metric ton range. The price of Chinese HRC remained steady between $550 and $600 per metric ton. The price of Chinese coking coal kept holding steady.
In Western steel futures, the spot price of the US HRC futures contract gained 5.6 percent, closing at $640 per short ton. The US HRC futures contract 3-month price has been on the rise for seven days and is now at $640 per short ton.