Steel Billet 3-Month Price Gaining Again

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Strengthening prices ended a three-day flat streak as the steel billet 3-month price moved up by 3.4 percent on Feb. 21, 2013 on the LME to $300.00 per metric ton. Thursday saw the cash price of steel billet drift down 2.1 percent on the LME to $259.50 per metric ton after a couple of stagnant days.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.60) and a low price of CNY 830.00 ($133.00) per dry metric ton. The price of Chinese slab declined 0.2 percent to CNY 4,030 ($645.75) per metric ton. The price of Chinese HRC showed little movement on Thursday at CNY 4,250 ($681.01) per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $640.00 per short ton. The spot price of the US HRC futures contract showed little movement yesterday, hovering around $611.00 per short ton.