LME Steel Billet Price Changes Directions, China Prices Flat

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 high price of iron ore 58% fines from India climbed back above $135 per dry metric ton. Chinese HRC saw little change in its price on Thursday. The price of Chinese coking coal remained essentially flat.

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.