On May 29, 2012, the 3-month price of steel billet experienced the biggest change on our daily steel price index, rising 4.1 percent on the LME to $402 per metric ton. Yesterday, the LME cash price of steel billet experienced a large decrease, rising 3.9 percent to land at $400 per metric ton.
Chinese steel prices were mixed for the day.
The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton. The price of Chinese HRC improved by 0.7 percent, while Chinese slab ended the day at between $600 and $650 per metric ton, after a 0.5 percent drop.
The 3-month price of US HRC futures showed little movement yesterday at $655 per short ton. The spot price of US HRC futures remained essentially flat at $662 per short ton.