Weakening steel prices changed direction on MetalMiner’s price index, when the 3-month price of LME steel billet rose 4.3 percent on Oct. 1, 2012 to $360.00 per metric ton. The steel billet cash price is back up, rising by 2.9 percent on the LME yesterday to close at $350.00 per metric ton.
Chinese steel prices closed flat for the day. Chinese HRC stayed flat, as did the price of Chinese coking coal. The high price of iron ore 58% fines from India did not quite reach $134 per dry metric ton.
The 3-month price of the US HRC futures contract showed little movement on Monday, hovering around $609.00 per short ton. The US HRC futures contract spot price showed little movement yesterday at $645.00 per short ton.