Steel Billet 3-Month Price Drops 6.7%

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Dropping 6.7 percent on the LME, the steel billet 3-month price was the biggest mover on Feb. 22, 2013, closing at $280.00 per metric ton. Also on the LME, the cash price of steel billet fell 1.7 percent to $255.00 per metric ton.

Chinese steel closed mixed last Friday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.61) and a low price of CNY 830.00 ($133.01) per dry metric ton. After remaining flat for three days, the price of Chinese HRC fell 2.4 percent last Friday to CNY 4,150 ($665.06) per metric ton. Chinese slab finished the day down 0.5 percent to CNY 4,010 ($642.62) per metric ton.

The 3-month price of the US HRC futures contract saw little movement at $640.00 per short ton. The spot price of the US HRC futures contract was unchanged at $611.00 per short ton.