Cash Price of Steel Billet Experiences Large Decrease

With a decline of 17.9 percent on the LME to $160.00 per metric ton on March 28, 2013, the steel billet cash price recorded the biggest decline of the day. The 3-month price of steel billet was off by 16.7 percent on the LME on Thursday, falling from $175.00 to $175.00 per metric ton.

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 ($135.16) and a low price of CNY 830.00 ($133.55) per dry metric ton. After remaining flat for three days, the price of Chinese HRC fell 1.5 percent yesterday to CNY 3,880 ($624.30) per metric ton. The price of Chinese coking coal held steady at CNY 1,700 ($273.54) per metric ton.

Following a couple of essentially changeless days, the spot price of the US HRC futures contract rose by 0.2 percent, closing at $609.00 per short ton. The US HRC futures contract 3-month price saw little price change on Thursday at $618.00 per short ton.