Cash Price of Steel Billet Experiences Large Decrease

by on
Members Only, Metal Prices, Premium

The cash price of steel billet saw the biggest decline of the day, dropping 3.9 percent on the LME to close at $245.00 per metric ton on Feb. 27, 2013. Also on the LME, the 3-month price of steel billet fell 3.6 percent to $265.00 per metric ton.

Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.84) and a low price of CNY 830.00 ($133.24) per dry metric ton. Chinese slab prices saw a 0.3 percent decline to CNY 3,970 ($637.29) per metric ton. The price of Chinese HRC remained steady at CNY 4,120 ($661.37) per metric ton.

Wednesday saw the US HRC futures contract 3-month price drift down 0.3 percent to $638.00 per short ton after three quiet days. 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.