LME Sees Rising 3-Month Price of Steel Billet

Rising 3.6 percent to close at $290.00 per metric ton, the 3-month price of steel billet experienced the biggest change on the LME for Jan. 3, 2013. Also on the LME, the steel billet cash price increased 0.4 percent to $280.00 per metric ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.73) and a low price of CNY 830.00 ($133.13) per dry metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 4,000 ($641.58) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,650 ($264.65) per metric ton.

The US HRC futures contract spot price fell 2.3 percent to $640.00 per short ton. The US HRC futures contract 3-month price saw little movement yesterday, closing out around $655.00 per short ton.