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 LME 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.
Chinese steel prices and raw material inputs were flat for the day.
The high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton. At above $650 per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw a very slight drift downward.
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.