Steel Billet Cash Price Drops 3.6%

The day’s biggest mover was the cash price of steel billet which dropped by 3.6 percent on Jan. 7, 2013 to close at $270.00 per metric ton on the LME. A $9.00 decline in the steel billet 3-month price on the LME left the price at $281.00 per metric ton.

Chinese steel closed mixed on Monday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.80) and a low price of CNY 830.00 ($133.19) per dry metric ton. The price of Chinese HRC gained 1.8 percent, closing at CNY 4,070 ($653.13) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,650 ($264.78) per metric ton.

The US HRC futures contract spot price gained 1.6 percent to finish at $655.00 per short ton. The 3-month price of the US HRC futures contract remained essentially flat at $655.00 per short ton.

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