Cash Price of Steel Billet Rises 1.9%

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The cash price of steel billet saw a 1.9 percent increase on May 9, 2012, reaching $489 per metric ton on the LME and making it the biggest mover for the day. After two changeless days, the steel billet 3-month price fell one percent on the LME to $480 per metric ton.

Chinese steel closed mixed on Wednesday. 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. Chinese HRC ended the day at CNY 4,230 ($672) per metric ton, after the 0.5 percent drop on Wednesday. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,780 ($282) per metric ton.

The US HRC futures contract 3-month price remained essentially flat at $670 per short ton. The US HRC futures contract spot price showed little movement yesterday, hovering around $665 per short ton.

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