Cash Price of Steel Billet Declines 8.8%

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On Jan. 22, 2013, the steel billet cash price fell by 8.8 percent on the LME, landing at $260.00 per metric ton and making it the day’s biggest mover. After improving for two days, the steel billet 3-month price declined 8.5 percent on the LME to $270.00 per metric ton.

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 ($135.01) and a low price of CNY 830.00 ($133.40) per dry metric ton. Chinese HRC finished the day down 0.5 percent to CNY 4,140 ($665.41) per metric ton. Following a quiet couple of days, the price of Chinese slab fell 0.3 percent on Tuesday to CNY 3,910 ($628.45) per metric ton.

The 3-month price of the US HRC futures contract saw little change in its price on Tuesday at $645.00 per short ton. The spot price of the US HRC futures contract held steady around $633.00 per short ton.

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