On Wednesday, May 1, the day’s biggest mover was the cash price of steel billet, which saw an 8.3 percent decline on the LME to $110.00 per metric ton. After falling 7.1 percent to $130.00 per metric ton, the steel billet 3-month price reached a 30-day low 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 840.00 ($136.20) and a low price of CNY 830.00 ($134.58) per dry metric ton. The price of Chinese HRC held steady at CNY 3,800 ($616.14) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,490 ($241.59) per metric ton.
The US HRC futures contract 3-month price steadied at $607.00 per short ton following two-days of increases. The US HRC futures contract spot price continues hovering around $598.00 per short ton for the fifth day in a row.