Wow, with another 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 to $175.00 per metric ton. Check out the downward spiral of the 3-month contract since Nov. 2012:
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India remained rangebound. After remaining flat for three days, the price of Chinese HRC fell 1.5 percent yesterday. The price of Chinese coking coal held steady.
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.