Steel Billet Cash Price Drops Almost 4% on Daily Steel Price Index

With a decline of 3.9 percent on the LME to $355 per metric ton on Aug. 15, 2012, the steel billet cash price recorded the biggest decline of the day. The 3-month price of steel billet saw a 1.5 percent decline on the LME to $365 per metric ton.

Chinese steel prices closed flat for the day, while US HRC futures prices increased.

The high and low prices of iron ore 58% fines from India remained range-bound above $130 per dry metric ton. At north of $550 per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw little movement as well.

The US HRC futures contract 3-month price has been on the rise for three days and is now at $648 per short ton. The spot price of the US HRC futures contract held steady around $641 per short ton.

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