On Oct. 11, 2012, the 3-month price of steel billet fell by 1.6 percent on the LME, landing at $335.50 per metric ton and making it the day’s biggest mover on our steel price index. The steel billet cash price saw a 1.3 percent decline on the LME to $334.50 per metric ton.
Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India remained in a tight range above $130 per dry metric ton. Chinese HRC prices inched up 1.1 percent. For the fifth consecutive day, the price of Chinese coking coal held flat.
The US HRC futures contract 3-month price weakened by 0.3 percent, settling at $633.00 per short ton. The spot price of the US HRC futures contract held steady around $595.00 per short ton.