On Feb. 26, 2013, the 3-month price of steel billet fell by 8.3 percent on the LME, landing at $275.00 per metric ton and making it the day’s biggest mover. At $255.00 per metric ton, the cash price of steel billet on the LME was down 3.8 percent from the previous market day.
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 ($134.74) and a low price of CNY 830.00 ($133.14) per dry metric ton. Chinese HRC closed 0.7 percent lower at CNY 4,120 ($660.88) per metric ton. The price of Chinese coking coal held steady at CNY 1,790 ($287.13) per metric ton.
The spot price of the US HRC futures contract has been on the decline for 11 days and is now at $610.00 per short ton. The US HRC futures contract 3-month price held steady at $640.00 per short ton.