Steel Billet Cash Price Collapses

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On Feb. 8, 2013, the steel billet cash price fell by 5.5 percent on the LME, landing at $260.00 per metric ton and making it the day’s biggest mover. A $15.00 decline in the steel billet 3-month price on the LME left the price at $270.00 per metric ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.75) and a low price of CNY 830.00 ($133.14) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 4,220 ($676.94) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,790 ($287.14) per metric ton.

The 3-month price of the US HRC futures contract declined 0.8 percent to $630.00 per short ton. The spot price of the US HRC futures contract fell 0.5 percent to $625.00 per short ton.