Following a three-day flat streak, the price of Chinese HRC dropped by 0.9 percent on May 8, 2012.
Meanwhile, Chinese coking coal prices remained essentially flat. For the fifth day in a row, the price of Chinese slab also stayed pat at below $700 per metric ton. The low and high prices of iron ore 58% fines from India ranged from $135-$137 per dry metric ton.
On the LME, the steel billet cash price held steady around $480 per metric ton. The steel billet 3-month price saw little movement on Tuesday on the LME, closing out around $485 per metric ton.
For the fifth consecutive day, the 3-month price of US HRC futures held flat at $670 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $665 per short ton.