Cash Price of Steel Billet Up After Two-Day Decline

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The cash price of steel billet closed up Jan. 23, 2013 at $282.00 per metric ton, halting two days of weakening prices on the LME with an 8.5 percent shift. At $285.00, the steel billet 3-month price finished the market day on the LME up 5.6 percent.

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 ($134.96) and a low price of CNY 830.00 ($133.36) per dry metric ton. Chinese HRC stayed flat at around CNY 4,140 ($665.17) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,790 ($287.60) per metric ton for the fifth day in a row.

The 3-month price of the US HRC futures contract saw little price change yesterday at $645.00 per short ton. The spot price of the US HRC futures contract held steady yesterday, remaining around $633.00 per short ton.

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