Steel Billet Cash Price Drops 3.7%

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The cash price of steel billet experienced the biggest price decline of the day, dropping 3.7 percent on the LME to close at $260.00 per metric ton on Feb. 12, 2013. Also on the LME, the 3-month price of steel billet fell 1.8 percent to $280.00 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 ($133.15) per dry metric ton. For the fifth day in a row, the price of Chinese HRC remained essentially flat at CNY 4,220 ($676.98) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,790 ($287.15) per metric ton.

The US HRC futures contract 3-month price saw a 0.8 percent decline to $635.00 per short ton. The US HRC futures contract spot price has been on the decline for 10 days and is now at $615.00 per short ton.