The 3-month price of steel billet saw a 2.8 percent drop on the LME on Sept. 14, 2012, landing at $316.00 per metric ton and making it the biggest mover of the day on our steel price index. The cash price of steel billet saw a 1.6 percent decline on the LME to $315.00 per metric ton.
Chinese steel prices closed flat for the day. The prices of iron ore 58% fines from India didn’t really move the needle, and the price of Chinese HRC showed little movement last Friday, holding between $500 and $550 per metric ton. The price of Chinese coking coal continues hovering around its usual target point for the fifth day in a row.
The US HRC futures contract 3-month price remained essentially flat at $610.00 per short ton. The spot price of the US HRC futures contract has been on the decline for 12 days and is now at $640.00 per short ton.