The cash price of steel billet saw a 3.4 percent drop on the LME on Dec. 18, 2012, landing at $280.00 per metric ton and making it the biggest mover of the day. Tuesday saw the steel billet 3-month price drift down 3.3 percent on the LME to $290.00 per metric ton after a couple of stagnant days.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.58) and a low price of CNY 830.00 ($132.98) per dry metric ton. After a few days of little change, the price of Chinese slab jumped 0.5 percent, landing at CNY 3,730 ($597.60) per metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 3,920 ($628.04) per metric ton.
After a 1.6 percent increase, the US HRC futures contract 3-month price finished the day at $655.00 per short ton. The US HRC futures contract spot price showed little movement yesterday at $642.00 per short ton.