Cash Price of Steel Billet Experiences Large Decrease

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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.