Cash Price of Steel Billet Collapses

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On March 11, 2013, the steel billet cash price fell by 4.5 percent on the LME, landing at $210.00 per metric ton and making it the day’s biggest mover. A $10.00 decline in the 3-month price of steel billet on the LME left the price at $230.00 per metric ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($133.91) and a low price of CNY 830.00 ($132.32) per dry metric ton. At CNY 4,050 ($645.63) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal held steady at CNY 1,790 ($285.35) per metric ton.

The US HRC futures contract 3-month price held steady around $635.00 per short ton. The US HRC futures contract spot price remained essentially flat at $612.00 per short ton.