The day’s biggest mover was the 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 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. At CNY 4,090 ($646) per metric ton, Chinese slab fell 0.7 percent yesterday. Chinese HRC saw little change in its price yesterday at CNY 4,130 ($653) 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 spot price of US HRC futures contract saw little price change yesterday at $665 per short ton.