Steel Billet Cash Price Turns Around After Two-Day Fall

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On May 14, 2012, the day’s biggest mover was the cash price of steel billet, which saw a 2.5 percent increase on the LME to $464 per metric ton. This increase comes after the price fell for the two previous days. After dropping for two days on the LME, the 3-month price of steel billet flattened at $470.

Chinese steel prices were mixed for the day. 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. Monday saw the price of Chinese HRC shift down 0.7 percent to CNY 4,200 ($665) per metric ton after three quiet days. The price of Chinese coking coal remained essentially flat at CNY 1,780 ($282) per metric ton.

The US HRC futures contract 3-month price remained essentially flat at $665 per short ton. The spot price of US HRC futures contract held steady on Monday, remaining around $670 per short ton.

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