3-Month Price of Steel Billet Drops 10.7%

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The day’s biggest mover was the 3-month price of steel billet which dropped by 10.7 percent on March 4, 2013 to close at $250.00 per metric ton on the LME. A $10.00 decline in the steel billet cash price on the LME left the price at $230.00 per metric 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 ($135.03) and a low price of CNY 830.00 ($133.42) per dry metric ton. Chinese slab closed 0.3 percent lower at CNY 3,940 ($633.34) per metric ton. The price of Chinese HRC remained steady at CNY 4,120 ($662.28) per metric ton.

The 3-month price of the US HRC futures contract remained essentially flat at $638.00 per short ton. The US HRC futures contract spot price held steady around $614.00 per short ton.