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Prices fall sharply in LME billet market

Monday, 21 May 2012 11:42:06 (GMT+2)

Tags: billet , semis , UK , Europe , steel futures , steelmaking , European Union | similar articles »

In the week ended May 18, downtrends dominated the London Metal Exchange (LME) billet market for the sixth consecutive week. The following price movements were recorded in LME billet contract trading as of the end of last week:

	As of May 11 ($/mt)		As of May 18 ($/mt)		Percentage change (%)
	Bid	Ask	Bid	Ask	Bid	Ask
Official, cash:	464.50	465.50	429.00	431.00*	-7.64	-7.41
Official, 3 months:	470.00	480.00	440.00	450.00	-6.38	-6.25
Official, 15 months:	530.00	540.00	500.00	510.00	-5.66	-5.56
Evaluation closing, cash:	454.00	464.00	420.00	430.00	-7.49	-7.33
Evaluation closing, 3 months:	470.00	480.00	440.00	450.00	-6.38	-6.25

*Official cash Ask or Offer price is the settlement price for the cash contract selling in two LME business days' time.

Stock billet volumes totaled 28,145.00 mt as of May 18, increasing slightly compared to 28,080.00 mt recorded on May 11.

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