3-Month Price of Steel Billet Sees Large Increase

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On Feb. 11, 2013, the 3-month price of steel billet experienced the biggest change, rising 5.6 percent on the LME to $285.00 per metric ton. The steel billet cash price experienced a big shift on Monday, gaining 3.8 percent on the LME to finish at $270.00 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 ($134.33) and a low price of CNY 830.00 ($132.73) per dry metric ton. For the fifth consecutive day, the price of Chinese HRC held flat at CNY 4,220 ($674.85) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,790 ($286.25) per metric ton.

The spot price of the US HRC futures contract has been on the decline for 10 days and is now at $615.00 per short ton. The US HRC futures contract 3-month price is back up, rising by 1.6 percent yesterday to close at $640.00 per short ton.