Steel Billet Cash Price Drops 1.8% After Short Rise

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The steel billet cash price fell 1.8 percent on Feb. 15, 2013 to $275.00 per metric ton on the LME, making it the day’s biggest mover. Following two days of rising prices, the 3-month price of steel billet dropped 1.7 percent on the LME to $290.00 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. The price of Chinese HRC saw little movement at CNY 4,220 ($676.98) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,790 ($287.16) per metric ton.

The US HRC futures contract 3-month price rose 0.5 percent to $640.00 per short ton. The spot price of the US HRC futures contract declined 0.2 percent to $611.00 per short ton.