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 high price of iron ore 58% fines from India broke above $135 per dry metric ton. Chinese slab closed 0.3 percent lower. The price of Chinese HRC remained steady on the day.
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.