Dropping 6.7 percent on the LME, the steel billet 3-month price was the biggest mover on Jan. 29, 2013, closing at $270.50 per metric ton. A $10.50 decline in the steel billet cash price on the LME left the price at $269.50 per metric ton.
Chinese steel prices were mixed for the day. The prices of iron ore 58% fines from India remained rangebound. After a few days of little change, the price of Chinese HRC jumped 1 percent. The price of Chinese slab finished the market day up 0.3 percent per metric ton.
The 3-month price of the US HRC futures contract closed Tuesday at $650.00 per short ton, halting its two-day flat run with a 0.2 percent decline. The US HRC futures contract spot price held steady on Tuesday, remaining around $624.00 per short ton.