Dropping 5.1 percent on the LME, the 3-month price of steel billet was the biggest mover on Feb. 4, 2013, closing at $261.00 per metric ton. The cash price of steel billet closed at $260.00 per metric ton. Following a couple days of improvement, the metal’s price weakened by 3.7 percent on the LME.
Chinese steel prices were flat 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. Chinese HRC held its value yesterday at CNY 4,220 ($678.59) per metric ton. The price of Chinese coking coal held steady at CNY 1,790 ($287.84) per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday, closing out around $645.00 per short ton. The spot price of the US HRC futures contract has been on the rise for 8 days and is now at $633.00 per short ton.