Steel Billet 3-Month Price Gain

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The 3-month price of steel billet saw a 7.1 percent increase on Feb. 25, 2013, reaching $300.00 per metric ton on the LME and making it the biggest mover for the day. Following a 3.9 percent rise on Monday, the cash price of steel billet closed on the LME at $265.00 per metric ton.

Chinese steel closed mixed on Monday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.99) and a low price of CNY 830.00 ($133.39) per dry metric ton. Chinese slab prices saw a 0.7 percent decline to CNY 3,980 ($639.62) per metric ton. Chinese HRC stayed flat at around CNY 4,150 ($666.94) per metric ton.

For the fifth day in a row, the US HRC futures contract 3-month price remained essentially flat at $640.00 per short ton. The US HRC futures contract spot price saw little movement at $611.00 per short ton.