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 price of iron ore 58% fines from India hit a low price of CNY 860 ($137) and a high price of CNY 870 ($138) per dry metric ton. After three straight days of no change, the price of Chinese slab decreased by 0.2 percent to CNY 4,350 ($693) per metric ton. The price of Chinese HRC saw little movement at CNY 4,290 ($683) 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.