The cash price of steel billet saw a 1.3 percent drop on the LME on May 11, 2012, landing at $453 per metric ton and making it the biggest mover of the day in our daily steel price index. Also on the LME, the 3-month price of steel billet declined 1.1 percent to $470 per metric ton.
Chinese steel closed mixed last Friday. The high and low prices of iron ore 58% fines from India ranged between $135 and $137 per dry metric ton. Chinese slab prices saw a 0.7 percent decline, while the price of Chinese HRC showed little movement last Friday, keeping between $650 and $675 per metric ton.
The spot price of US HRC futures contract finished the day at $670 per short ton following a 0.8 percent increase. The 3-month price of US HRC futures fell 0.7 percent last Friday to $665 per short ton.