LME 3-Month Price of Steel Billet Experiences Large Decrease

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 remained pretty rangebound. The price of Chinese HRC remained essentially flat. The price of Chinese coking coal saw essentially no change for the fifth day in a row.

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.