Following a two-day decline on the LME, the 3-month price of steel billet climbed up 20.0 percent to end at $150.00 per metric ton on Friday, May 3. The steel billet cash price is back up, rising by 7.6 percent on the LME last Friday to close at $113.00 per metric ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India stayed at the high end of its recent range. The price of Chinese HRC showed little movement last Friday. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.
The US HRC futures contract 3-month price remained essentially flat at $607.00 per short ton. The US HRC futures contract spot price saw little movement at $598.00 per short ton.