Steel Billet 3-Month Price Experiences Large Decrease

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On Jan. 2, 2013, the day’s biggest mover was the steel billet 3-month price, which saw a 5.1 percent decline on the LME to $280.00 per metric ton. The cash price of steel billet weakened by 0.4 percent on the LME, settling at $279.00 per metric ton.

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.65) and a low price of CNY 830.00 ($133.04) per dry metric ton. The price of Chinese HRC saw little movement at CNY 4,000 ($641.17) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,650 ($264.48) per metric ton.

The spot price of the US HRC futures contract rose 0.8 percent to $655.00 per short ton. The US HRC futures contract 3-month price has been on the rise for 10 days and is now at $655.00 per short ton.

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