Steel Market Roundup: LME Billet Cash Price Collapses

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 in steel market prices. 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 high and low prices of iron ore 58% fines from India ranged between $135 and $140 per dry metric ton. The price of Chinese slab fell 2.5 percent yesterday, while the price of Chinese HRC flattened, resting between $650-$675 per metric ton, 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.

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