Steel Billet 3-Month Price Moves Down 4.9%

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On April 3, 2013, the day’s biggest mover was the steel billet 3-month price, which saw a 4.9 percent decline on the LME to $195.00 per metric ton. The cash price of steel billet fell 2.7 percent to $180.00 per metric ton on Wednesday on the LME after two days of no change.

Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.48) and a low price of CNY 830.00 ($133.87) per dry metric ton. At CNY 3,840 ($619.34), the price of Chinese slab finished the market day up 0.5 percent per metric ton. The price of Chinese HRC remained essentially flat at CNY 3,830 ($617.73) per metric ton.

The US HRC futures contract spot price rose by 0.5 percent to $612.00 per short ton after a three-day flat streak. The US HRC futures contract 3-month price rose by 0.3 percent to $620.00 per short ton.