3-Month Price of Steel Billet Changes Directions

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The steel billet 3-month price closed up Jan. 31, 2013 at $275.00 per metric ton, halting two days of weakening prices on the LME with a 3.8 percent shift. The steel billet cash price is back up, rising by 1.9 percent on the LME on Thursday to close at $265.00 per metric ton.

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. Chinese HRC saw little change in its price on Thursday at CNY 4,180 ($671.97) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,790 ($287.76) per metric ton.

Following two days of downward movement, the 3-month price of the US HRC futures contract held steady at $648.00 per short ton. The spot price of the US HRC futures contract continues hovering around $624.00 per short ton for the fifth day in a row.