Small Drift for Steel Billet 3-Month Price

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The steel billet 3-month price saw the biggest decline of the day, dropping 1.8 percent on the LME to close at $270.00 per metric ton on Feb. 6, 2013. The cash price of steel billet saw little price change on Wednesday on the LME at $265.00 per metric ton.

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 ($134.86) and a low price of CNY 830.00 ($133.25) per dry metric ton. Chinese HRC held its value on Wednesday at CNY 4,220 ($677.49) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,790 ($287.37) per metric ton for the fifth day in a row.

The US HRC futures contract 3-month price dropped by 0.8 percent to $640.00 per short ton after holding steady. 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.