On March 5, 2013, the steel billet cash crashed again, this time 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 prices of iron ore 58% fines from India came off a bit. The price of Chinese HRC fell 1.7 percent on Tuesday after three straight days with no change. Chinese slab prices saw a 0.5 percent decline.
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.