Following two days of increases on the LME, the 3-month price of steel billet dropped by 2.6 percent to end up at $341.00 per metric ton on Oct. 9, 2012. Following two days of rising prices, the cash price of steel billet dropped 0.3 percent on the LME to $339.00 per metric ton.
Chinese steel and raw material input prices were mixed for the day. The prices of iron ore 58% fines from India didn’t really move at all from the previous day. Chinese slab finished the day up 0.5 percent. The price of Chinese HRC remained steady.
The US HRC futures contract 3-month price weakened by 0.5 percent, settling at $635.00 per short ton. The spot price of the US HRC futures contract increased 0.2 percent to $597.00 per short ton.