Following a two-day decline on the LME, the steel billet 3-month price climbed up 5.7 percent to end at $280.00 per metric ton on Feb. 28, 2013. Also on the LME, the steel billet cash price declined 2.0 percent to $240.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.89) and a low price of CNY 830.00 ($133.29) per dry metric ton. The price of Chinese HRC remained steady at CNY 4,120 ($661.61) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,790 ($287.45) per metric ton.
The US HRC futures contract 3-month price has been on the decline for 12 days and is now at $638.00 per short 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.