The steel billet 3-month price saw the biggest decline of the day, dropping 6.2 percent on the LME to close at $305.00 per metric ton on Dec. 12, 2012. After improving for two days, the steel billet cash price declined 4.8 percent on the LME to $300.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.48) and a low price of CNY 830.00 ($132.88) per dry metric ton. The price of Chinese HRC held steady at CNY 3,920 ($627.59) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,700 ($272.17) per metric ton for the fifth day in a row.
The US HRC futures contract spot price weakened by 0.2 percent, settling at $644.00 per short ton. The 3-month price of the US HRC futures contract saw little movement on Wednesday at $640.00 per short ton.