Steel Billet Cash Price Declines 3.5%

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The cash price of steel billet saw a 3.5 percent drop on the LME on Jan. 30, 2013, landing at $260.00 per metric ton and making it the biggest mover of the day. The 3-month price of steel billet weakened by 2.0 percent on the LME, settling at $265.00 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 ($134.90) and a low price of CNY 830.00 ($133.29) per dry metric ton. Chinese slab prices rose 0.3 percent to CNY 3,950 ($634.33) per metric ton. The price of Chinese HRC remained steady at CNY 4,180 ($671.27) per metric ton.

The US HRC futures contract 3-month price saw a 0.3 percent decline to $648.00 per short ton. The US HRC futures contract spot price saw little price change on Wednesday at $624.00 per short ton.