With a 2.2 percent increase over the past day, the 3-month price of LME steel billet was the biggest mover on our steel price index, closing at $470 per metric ton on May 17, 2012. Also on the LME, the cash price of steel billet rose 0.6 percent to $456 per metric ton.
Chinese steel prices were mixed for the day. The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton. The price of Chinese HRC closed Thursday by halting its two-day flat run with a 1.2 percent decline. For the fifth consecutive day, the price of Chinese coking coal held flat.
Thursday saw the US HRC futures contract 3-month price shift down 0.8 percent to $660 per short ton after three quiet days. The US HRC futures contract spot price moved yesterday. After a few changeless days, prices dropped 0.7 percent to $665 per short ton.