Steel Billet 3-Month Price Up After Two-Day Drop

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The steel billet 3-month price closed up May 23, 2012 at $421 per metric ton, halting two days of weakening prices on the LME with a 2.4 percent shift. Also on the LME, the cash price of steel billet rose 2.2 percent to $419 per metric ton.

Chinese steel prices were flat 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 ($133) per dry metric ton. Chinese HRC stayed flat at around CNY 4,130 ($653) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,780 ($281) per metric ton.

The US HRC futures contract 3-month price 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 movement yesterday at $665 per short ton.

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