The 3-month price of steel billet fell 5 percent on Jan. 16, 2013 to $285.00 per metric ton on the LME, making it the day’s biggest mover. The steel billet cash price saw a 1.8 percent decline on the LME to $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 ($135.17) and a low price of CNY 830.00 ($133.56) per dry metric ton. One of the day’s biggest changes moved Chinese coking coal ahead by 4.1 percent percent, landing at CNY 1,790 ($288.04) per metric ton. At CNY 3,930 ($632.40) per metric ton, Chinese slab fell 0.3 percent yesterday.
The US HRC futures contract 3-month price inched up 0.8 percent to $650.00 per short ton. The US HRC futures contract spot price has been on the decline for 7 days and is now at $635.00 per short ton.