Following two days of increases on the LME, the steel billet 3-month price dropped by 6.4 percent to end at $440 per metric ton on May 18, 2012. Weakening prices followed two days of improvement as the cash price of steel billet dropped six percent on the LME to $429 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($132) per dry metric ton. Chinese HRC ended the day at CNY 4,130 ($652) per metric ton, after the 0.5 percent drop last Friday. The price of Chinese coking coal remained essentially flat at CNY 1,780 ($281) per metric ton.
The 3-month price of US HRC futures contract has been on the decline for seven days and is now at $655 per short ton. The US HRC futures contract spot price has been on the decline for seven days and is now at $662 per short ton.