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 on our steel price index.
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 remained tightly rangebound. Chinese HRC finished the day down 0.5 percent. Following a quiet couple of days, the price of Chinese slab fell 0.3 percent on Tuesday.
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.