LME Steel Billet Cash Price Drifts Downwards

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The cash price of steel billet saw a 1.4 percent drop on the LME on Aug. 17, 2012, landing at $355 per metric ton and making it the biggest mover of the day. The steel billet 3-month price weakened by 0.1 percent on the LME, settling at $360 per metric ton.

Chinese steel prices closed flat for the day. The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton, with the high price increasing $1 per ton for the first time in weeks.

The price of Chinese HRC remained steady between $550 and $600 per metric ton. The price of Chinese coking coal remained essentially flat.

The US HRC futures contract 3-month price showed little movement last Friday, hovering around $650 per short ton. The US HRC futures contract spot price saw little change in its price last Friday at $645 per short ton.

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