3-Month Price of Steel Billet Sees Sizable Increase

The steel billet 3-month price saw a 3.4 percent increase on Dec. 19, 2012, reaching $300.00 per metric ton on the LME and making it the biggest mover for the day. Also on the LME, the steel billet cash price showed little movement on Wednesday, hovering around $280.00 per metric ton.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.67) and a low price of CNY 830.00 ($133.07) per dry metric ton. The price of Chinese HRC gained 2.0 percent, closing at CNY 4,000 ($641.30) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,700 ($272.55) per metric ton.

The US HRC futures contract 3-month price ended a two-day climb, settling at $655.00 per short ton. The US HRC futures contract spot price saw little change in its price on Wednesday at $642.00 per short ton.

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