Chinese Steel Slab Down 2.1%

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The price of Chinese slab closed May 21, 2012 at CNY 4,120 ($651) per metric ton, halting its three-day flat run with a 2.1 percent shift. After a couple of days of decreasing prices, the price of Chinese HRC held steady at CNY 4,130 ($652). The price of Chinese coking coal remained essentially flat at CNY 1,780 ($281) per metric ton. 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.

On the LME, the steel billet 3-month price declined two percent to $431 per metric ton. Also on the LME, the steel billet cash price held steady around $429 per metric ton.

Following a two-day drop, the US HRC futures contract spot price increased by 0.5 percent to $665 per short 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.

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