On May 7, 2012, the day’s biggest mover was the cash price of steel billet, which saw a three percent increase on the LME to $480 per metric ton. This increase comes after two straight days of stagnant prices. The 3-month price of steel billet showed little movement yesterday on the LME at $485 per metric ton.

Chinese steel prices closed flat for the day. The high and low prices of iron ore 58% fines from India stayed in a range of $135-$140 per dry metric ton. The price of Chinese HRC was unchanged at CNY 4,290 ($680) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,780 ($282) per metric ton.

The spot price of US HRC futures contract moved up 1.5 percent, landing at $665 per short ton. For the fifth consecutive day, the 3-month price of US HRC futures held flat at $670 per short ton.