The cash price of steel billet saw a one percent drop on the LME on Aug. 7, 2012, landing at $351 per metric ton and making it the biggest mover of the day on our steel price index. The steel billet 3-month price saw a 0.7 percent decline on the LME to $353 per metric ton.
Chinese steel closed mixed on Tuesday. The prices of iron ore 58% fines from India remained range-bound in the $130s per dry metric ton, and the price of Chinese slab fell 0.5 percent yesterday after three straight days with no change. The price of Chinese HRC showed little movement yesterday holding above $570 per metric ton.
The US HRC futures contract 3-month price gained 0.8 percent, closing at $645 per short ton. The spot price of the US HRC futures contract showed little movement yesterday at $640 per short ton.