The LME steel billet 3-month price experienced the biggest price decline of the day on our steel price index, dropping 2.9 percent to close at $340.00 per metric ton on Nov. 2, 2012. Also on the LME, the cash price of steel billet held steady around $330.00 per metric ton.
Chinese steel and raw materials input prices were mixed for the day. The prices of iron ore 58% fines from India didn’t move much. The price of Chinese slab finished the day after a 0.3 percent increase. Chinese HRC held its value last Friday.
The 3-month price of the US HRC futures contract showed little movement last Friday, hovering around $645.00 per short ton. The spot price of the US HRC futures contract saw little movement last Friday, closing out around $618.00 per short ton.