Steel Billet Cash Price Sees Small Jump

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 On Feb. 1, 2013, the steel billet cash price experienced the biggest change, rising 1.9 percent on the LME to $270.00 per metric ton. The 3-month price of steel billet held steady last Friday on the LME, remaining around $275.00 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 ($135.07) and a low price of CNY 830.00 ($133.47) per dry metric ton. The price of Chinese HRC moved up 1.0 percent, landing at CNY 4,220 ($678.59) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,790 ($287.84) per metric ton.

The spot price of the US HRC futures contract rose by 1.4 percent to $633.00 per short ton after a three-day flat streak. The US HRC futures contract 3-month price saw a 0.5 percent decline to $645.00 per short ton.