Steel Billet Cash Price Drops 3.6%

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The cash price of steel billet experienced the biggest price decline of the day, dropping 3.6 percent on the LME to close at $265.00 per metric ton on Feb. 18, 2013. The steel billet 3-month price remained essentially flat on the LME at $290.00 per metric ton.

Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.81) and a low price of CNY 830.00 ($133.20) per dry metric ton. After three straight days of no change, the price of Chinese coking coal decreased by 3.4 percent to CNY 1,730 ($277.64) per metric ton. On the tail of a three-day flat streak, the price of Chinese slab rose by 2.3 percent, settling at CNY 4,050 ($649.98) per metric ton.

The 3-month price of the US HRC futures contract showed little movement last Friday at $640.00 per short ton. The US HRC futures contract spot price flattened at $611.00 per short ton after two days of downward movement.