Cash Price Of Steel Billet Climbs On The LME

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On May 24, 2012, the steel billet cash price experienced the biggest change, rising 3.7 percent on the LME to $434 per metric ton. The steel billet 3-month price climbed 3.3 percent on the LME to $435 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. Chinese slab finished the day down 0.7 percent to CNY 4,060 ($641) per metric ton. After three straight days of no change, the price of Chinese HRC decreased by 0.2 percent to CNY 4,120 ($650) per metric ton.

After three essentially changeless days, the 3-month price of US HRC futures contract dropped 1.5 percent yesterday to $645 per short ton. The spot price of US HRC futures contract fell 0.3 percent to $663 per short ton yesterday after two days of no change.

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