The following price movements were recorded on the LME billet contract trading as of the end of last week. The outlook remains firm for the second consecutive week, according to the Deutsche Bank Stemcor report.
As of February 11 | As of February 18 | Weekly Change % | ||||
Bid | Ask | Bid | Ask | Bid | Ask | |
Official cash: | 532.00 | 542.00 | 550.00 | 560.00 | 3.38% | 3.32% |
Official 3 months: | 550.00 | 555.00 | 565.00 | 570.00 | 2.72% | 2.70% |
Official 15 months: | 620.00 | 630.00 | 625.00 | 635.00 | 0.81% | 0.79% |
Evaluation closing cash: | 532.00 | 542.00 | 550.00 | 560.00 | 3.38% | 3.32% |
Evaluation closing 3 months: | 550.00 | 555.00 | 565.00 | 570.00 | 2.72% | 2.70% |
*Official cash Ask or Offer price is the settlement price for cash contract selling during two business days at the LME.
Stock volumes decreased to 51,155 mt as of February 18, compared to 53,888 mt as of February 11.
According to the DeutscheBank-Stemcor report, the LME three-month billet contract opened at $561/mt and traded up during the week to finish on a high of $575/mt. The three-month contract traded at $570/mt on Monday and the market is expected to be well supported above $550/mt.
DB Price Outlook for Billet prices on the LME is as follows as of February 22, 2011.
Latest | Last Week Average | Last Month Average | Outlook | |
LME Billet Cash | 550$/mt | 552$/mt (1%) | 556$/mt (1%) | Firm |
LME Billet 3-Months | 563$/mt | 568$/mt (1%) | 577$/mt (3%) | Firm * |
(1) Prices are expected to be supported.
(2) Prices are expected to be supported above 550$/mt.
For the LME Billet Contract Specifications http://www.lme.com/steel/steel_contractspec.asp