Daily Steel Roundup: Chinese HRC Price Falls Nearly 1%

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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 CNY 4,350 ($691) per metric ton. The price of iron ore 58% fines from India hit a low price of CNY 855 ($135) and a high price of CNY 865 ($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.

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