Cash Price of Steel Billet Drops 10.9%

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The steel billet cash price saw a 10.9 percent drop on the LME on March 19, 2013, landing at $205.00 per metric ton and making it the biggest mover of the day. The steel billet 3-month price fell 8.0 percent to $230.00 per metric ton yesterday on the LME after two days of no change.

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 ($135.17) and a low price of CNY 830.00 ($133.56) per dry metric ton. After a 1.8 percent increase, the price of Chinese HRC finished the day at CNY 3,940 ($634.01) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,750 ($281.60) per metric ton.

The US HRC futures contract 3-month price weakened by 0.8 percent, settling at $620.00 per short ton. Following a quiet couple of days, the US HRC futures contract spot price fell 0.2 percent on Tuesday to $609.00 per short ton.