At $655 per short ton, the 3-month price of US HRC futures contract moved up 1.6 percent on May 28, 2012, making it the day’s biggest mover. The spot price of US HRC futures contract steadied at $662 per short ton following two-days of dropping prices.
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 ($132) per dry metric ton. The price of Chinese HRC showed little movement last Friday at CNY 4,120 ($650) per metric ton. The price of Chinese coking coal held steady at CNY 1,780 ($281) per metric ton.
Also on the LME, the cash price of steel billet rose 1.4 percent to $385 per metric ton. At $386, the steel billet 3-month price finished the market day on the LME up 1.4 percent per metric ton.