The cash price of steel billet saw a 3.6 percent drop on the LME on June 1, 2012, landing at $385 per metric ton and making it the biggest mover of the day on our steel price index. Also on the LME, the steel billet 3-month price fell 3.2 percent to $387 per metric ton.

Chinese steel prices, meanwhile, closed 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. Chinese HRC held its value last Friday at above $650 per metric ton. The price of Chinese coking coal, meanwhile, saw a tiny drift downwards.

The US HRC futures contract 3-month price held steady around $650 per short ton. The spot price of the US HRC futures contract showed little movement last Friday at $660 per short ton.