Rising one percent on the LME to close at $500 per metric ton, the 3-month price of steel billet experienced the biggest change in steel markets for May 3, 2012. The steel billet cash price saw a 0.2 percent decline on the LME to $486 per metric ton.
Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India hit a range between $135 and $140 per dry metric ton. After three straight days of no change, the price of Chinese slab decreased by 0.2 percent. The price of Chinese HRC saw little movement, keeping below $700 per metric ton.
The 3-month price of US HRC futures held steady at $670 per short ton. The spot price of US HRC futures contract remained essentially flat at $685 per short ton.