The price of Chinese slab closed May 21, 2012 with a 2.1 percent drift, halting its three-day flat run. After a couple of days of decreasing prices, the price of Chinese HRC held steady, between $650 and $675 per metric ton.
In raw steelmaking materials, the price of Chinese coking coal remained essentially flat, while the high and low prices of iron ore 58% fines from India ranged between $130 and $135 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 has been on the decline for seven days and is now at $655 per short ton.