LME Steel Billet 3-Month Price Steeply Declines

The steel billet 3-month price experienced the biggest price decline of the day on MetalMiner’s steel price index, dropping 7.1 percent on the LME to close at $325.00 per metric ton on Oct. 16, 2012. A $17.00 decline in the steel billet cash price on the LME left the price at $323.00 per metric ton.

Chinese steel prices were flat for the day. The prices of iron ore 58% fines from India remained range-bound. The price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw essentially no change for the fifth day in a row.

The 3-month price of the US HRC futures contract saw a 0.2 percent decline to $630.00 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $595.00 per short ton.