The day’s biggest mover on our steel price index was the LME steel billet 3-month price, which dropped by 4.6 percent on May 22, 2012 to close at $411 per metric ton on the LME. The cash price of steel billet was off by 4.4 percent on the LME on Tuesday, falling from $410 to $410 per metric ton.
Chinese steel prices, on the other hand, were mixed for the day.
The high and low prices of iron ore 58% fines from India ranged again between $130 and $135 per dry metric ton. Chinese steel slab fell 0.7 percent yesterday. Chinese HRC saw little change in its price yesterday, remaining between $650 and $675 per metric ton.
The 3-month price of the US HRC futures contract has been on the decline for seven days and is now at $655 per short ton. The spot price of the US HRC futures contract saw little price change yesterday at $665 per short ton.