Cash Price of Steel Billet Up 7.1%

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On March 6, 2013, the day’s biggest mover was the steel billet cash price, which saw a 7.1 percent increase on the LME to $225.00 per metric ton. This increase comes after the price fell for the two previous days. Following a 2.2 percent rise yesterday, the steel billet 3-month price closed on the LME at $235.00 per metric ton.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.95) and a low price of CNY 830.00 ($133.35) per dry metric ton. The price of Chinese HRC remained steady at CNY 4,050 ($650.66) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,790 ($287.58) per metric ton.

The US HRC futures contract 3-month price fell 0.5 percent yesterday to $635.00 per short ton after three straight days with no change. The US HRC futures contract spot price held steady on Wednesday, remaining around $617.00 per short ton.