Weakening prices changed direction when the 3-month price of LME steel billet rose 5.7 percent on Oct. 15, 2012 on MetalMiner’s steel price index to $350.00 per metric ton. Following a 3 percent rise on Monday, the steel billet cash price closed on the LME at $340.00 per metric ton.
Chinese steel prices closed flat for the day. The high price of iron ore 58% fines from India almost hit $134 per dry metric ton. Chinese HRC held its value yesterday. The price of Chinese coking coal saw little movement as well.
The US HRC futures contract 3-month price fell 0.3 percent to $631.00 per short ton. The US HRC futures contract spot price held steady on Monday, remaining around $595.00 per short ton.