On May 29, 2012, the 3-month price of steel billet experienced the biggest change, rising 4.1 percent on the LME to $402 per metric ton. Yesterday, the cash price of steel billet experienced a large decrease, rising 3.9 percent on the LME to land at $400 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. The price of Chinese HRC improved by 0.7 percent, closing at CNY 4,150 ($655) per metric ton yesterday. Chinese slab ended the day at CNY 4,020 ($634) per metric ton, after the 0.5 percent drop on Tuesday.
The 3-month price of US HRC futures contract showed little movement yesterday at $655 per short ton. The spot price of US HRC futures contract remained essentially flat at $662 per short ton.