LME Sees Rising 3-Month Price of Steel Billet

 With an 8.7 percent increase over the past day, the 3-month price of steel billet was the biggest mover on the LME, closing at $250.00 per metric ton on March 20, 2013. The cash price of steel billet held steady on Wednesday on the LME, remaining around $205.00 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 ($135.18) and a low price of CNY 830.00 ($133.57) per dry metric ton. The price of Chinese HRC showed little movement on Wednesday at CNY 3,940 ($634.04) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,750 ($281.61) per metric ton.

The 3-month price of the US HRC futures contract showed little movement on Wednesday at $620.00 per short ton. The spot price of the US HRC futures contract held steady around $609.00 per short ton.