Cash Price of Steel Billet Lower

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The cash price of steel billet experienced the biggest price decline of the day, dropping 2.2 percent on the LME to close at $220.00 per metric ton on March 7, 2013. Also on the LME, the 3-month price of steel billet rose 2.1 percent to $240.00 per metric ton.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.05) and a low price of CNY 830.00 ($133.45) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 4,050 ($651.15) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,790 ($287.79) per metric ton.

The US HRC futures contract spot price fell 0.8 percent to $612.00 per short ton. The US HRC futures contract 3-month price saw little price change on Thursday at $635.00 per short ton.