Steel Futures Price Drops Sharply, LME Billet Up

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On Oct. 4, 2012, the day’s biggest mover on MetalMiner’s steel price index was the spot price of the US HRC steel futures contract, which saw a 7.3 percent decline to $598.00 per short ton. This was its first move for the steel futures price after three changeless days.

Chinese steel prices were flat for the day. The high and low prices of iron ore 58% fines from India remained range-bound, while the price of Chinese HRC held steady. The price of Chinese coking coal also remained essentially flat.

Following a 2.8 percent rise on Thursday, the steel billet 3-month price closed on the LME at $345.00 per metric ton. The cash price of LME steel billet steadied at $335.00 per metric ton following two days of dropping prices.

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