With a 5.6 percent increase over the past day, the LME steel billet cash price was the biggest mover in steel markets on May 16, 2012, closing at $454 per metric ton. On Wednesday, the 3-month price of steel billet experienced an increase as well, rising 3.4 percent on the LME to land at $460 per metric ton.
Chinese steel prices closed flat for the day. The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton. Chinese HRC held its value on Wednesday at above $650 per metric ton. The price of Chinese coking coal was unchanged.
The US HRC futures contract 3-month price held steady around $665 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $670 per short ton.