Weakening prices changed direction when the cash price of steel billet rose 1.4 percent on June 19, 2012 on the LME to $355 per metric ton. The 3-month price of steel billet rose 1.4 percent on the LME to $365 per metric ton after a two-day drop.

Chinese steel prices 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. Chinese HRC held its value on Tuesday above $650 per metric ton. The price of Chinese coking coal stayed unchanged.

The 3-month price of the US HRC futures contract showed little movement yesterday, hovering around $625 per short ton. The spot price of US HRC futures showed little movement on Tuesday at $620 per short ton.