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 high price of iron ore 58% fines from India remained above $135 per dry metric ton. Chinese HRC held its value yesterday, while the price of Chinese coking coal held steady.
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.