Following two days of increases on the LME, the cash price of steel billet dropped by 1.1 percent to end at $282.00 per metric ton on Jan. 25, 2013. The 3-month price of steel billet changed direction with a 1.0 percent drop. After two days of improving prices, the metal finished at $292.00 per metric ton on the LME.
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 ($135.04) and a low price of CNY 830.00 ($133.43) per dry metric ton. The price of Chinese HRC showed little movement last Friday at CNY 4,140 ($665.56) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,790 ($287.77) per metric ton.
The US HRC futures contract 3-month price saw little price change last Friday at $651.00 per short ton. The US HRC futures contract spot price held steady around $624.00 per short ton.