With a 5.6 percent increase over the past day, the steel billet cash price was the biggest mover on the LME on May 16, 2012, closing at $454 per metric ton. On Wednesday, the 3-month price of steel billet experienced a large decrease, rising 3.4 percent on the LME to land at $460 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840 ($132) and a low price of CNY 850 ($134) per dry metric ton. Chinese HRC held its value on Wednesday at CNY 4,200 ($664) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,780 ($281) per metric ton.
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.