Cash Price of Steel Billet Drops 8.7%

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On March 5, 2013, the steel billet cash price fell by 8.7 percent on the LME, landing at $210.00 per metric ton and making it the day’s biggest mover. At $230.00 per metric ton, the steel billet 3-month price on the LME was down 8.0 percent from the previous market day.

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 ($134.97) and a low price of CNY 830.00 ($133.37) per dry metric ton. The price of Chinese HRC fell 1.7 percent on Tuesday to CNY 4,050 ($650.77) per metric ton after three straight days with no change. Chinese slab prices saw a 0.5 percent decline to CNY 3,920 ($629.88) per metric ton.

The US HRC futures contract spot price increased 0.5 percent to $617.00 per short ton. The US HRC futures contract 3-month price held steady around $638.00 per short ton.