3-Month Price of Steel Billet Experiences Large Decrease

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Commodities, Metal Prices, Premium

The day’s biggest mover was the 3-month price of steel billet which dropped by 8.5 percent on March 22, 2013 to close at $215.00 per metric ton on the LME. Also on the LME, the cash price of steel billet fell 7.0 percent to $200.00 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 ($135.20) and a low price of CNY 830.00 ($133.59) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,940 ($634.17) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,750 ($281.67) per metric ton.

The US HRC futures contract 3-month price showed little movement last Friday, hovering around $625.00 per short ton. The US HRC futures contract spot price showed little movement last Friday at $609.00 per short ton.