The day’s biggest mover was the steel billet cash price which dropped by 2.9 percent on August 23, 2012 to close at $340 per metric ton on the LME. Also on the LME, the 3-month price of steel billet fell 2.8 percent to $345 per metric ton.

Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of $132 and a low price of $130 per dry metric ton. Chinese HRC finished the day down 1.1 percent per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at around $280 per metric ton.

The US HRC futures contract 3-month price held steady at around $650 per short ton. For the fifth consecutive day, the spot price of the US HRC futures contract held flat at $645 per short ton.