The Spot Price of US HRC Futures Contract Moving Again

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The spot price of the US HRC futures contract closed March 1, 2013 at $614.00 per short ton, halting its two-day flat run with a 0.7 percent shift. The 3-month price of the US HRC futures contract remained essentially flat at $638.00 per short ton.

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 ($134.98) and a low price of CNY 830.00 ($133.37) per dry metric ton. The price of Chinese slab declined 0.5 percent to CNY 3,950 ($634.71) per metric ton. Chinese HRC held its value last Friday at CNY 4,120 ($662.02) per metric ton.

Following two days of downward movement, the steel billet cash price held steady at $240.00 per metric ton on the LME. On the LME, the 3-month price of steel billet remained essentially flat at $280.00 per metric ton.