At $410 per metric ton, the cash price of steel billet moved up 2.5 percent on May 30, 2012, making it the day’s biggest mover on the LME. Also on the LME, the 3-month price of steel billet rose 2.2 percent to $411 per metric ton.
Chinese steel prices closed 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. At CNY 4,150 ($655) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal held steady at CNY 1,780 ($281) per metric ton.
The US HRC futures contract 3-month price saw little price change on Wednesday at $655 per short ton. The US HRC futures contract spot price saw little movement yesterday, closing out around $662 per short ton.