Following two days of increases on the LME, the 3-month price of steel billet dropped by 2.7 percent to end at $400 per metric ton on May 31, 2012. The steel billet cash price changed direction with a 2.6 percent drop. After two days of improving prices, the finished at $399 per metric ton on the LME.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($133) and a low price of CNY 840 ($132) per dry metric ton. At CNY 4,150 ($654) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw little movement at CNY 1,780 ($280) per metric ton.
After two changeless days, the US HRC futures contract 3-month price fell 0.8 percent to $650 per short ton. After holding steady for the past few days, the US HRC futures contract spot price fell 0.3 percent, closing at $660 per short ton.