Steel Billet 3-Month Price Climbs Up the LME

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Rising 5.4 percent to close at $275.00 per metric ton, the steel billet 3-month price experienced the biggest change on the LME for Feb. 5, 2013. Also on the LME, the steel billet cash price rose 1.9 percent to $265.00 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 ($134.81) and a low price of CNY 830.00 ($133.20) per dry metric ton. Following three days of little change, the price of Chinese slab rose by 0.3 percent to CNY 3,960 ($635.51) per metric ton. The price of Chinese HRC showed little movement on Tuesday at CNY 4,220 ($677.24) per metric ton.

The 3-month price of the US HRC futures contract saw little movement on Tuesday at $645.00 per short ton. The US HRC futures contract spot price has been on the rise for 8 days and is now at $633.00 per short ton.