With a decline of 6.1 percent on the LME to $459 per metric ton on May 10, 2012, the steel billet cash price recorded the biggest shift of the day. The 3-month price of steel billet weakened by one percent on the LME, settling at $475 per metric ton.

Chinese steel closed mixed on Thursday. The price of iron ore 58% fines from India hit a high price of CNY 855 ($135) and a low price of CNY 865 ($137) per dry metric ton. The price of Chinese slab fell 2.5 percent yesterday to CNY 4,240 ($671) per metric ton. The price of Chinese HRC flattened at CNY 4,230 ($670) following two-days of declines.

For the fifth consecutive day, the 3-month price of US HRC futures held flat at $670 per short ton. The spot price of US HRC futures contract remained essentially flat at $665 per short ton.