Steel Billet 3-Month Price Experiences Large Decrease

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 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 price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.95) and a low price of CNY 830.00 ($133.34) per dry metric ton. After a few days of little change, the price of Chinese HRC jumped 1.0 percent, landing at CNY 4,180 ($671.54) per metric ton. At CNY 3,940 ($632.98), 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.