Weakening prices ended a three-day flat streak as the price of Chinese coking coal fell 4.7 percent on Tuesday, May 7 to CNY 1,420 ($230.23) per metric ton. After two changeless days, the price of Chinese slab fell 0.3 percent to CNY 3,730 ($604.76) per metric ton. Chinese HRC stayed flat at around CNY 3,680 ($596.66) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.19) and a low price of CNY 830.00 ($134.57) per dry metric ton.
The cash price of steel billet steadied at $130.00 per metric ton following two-days of increases on the LME. On the LME, the steel billet 3-month price held steady around $150.00 per metric ton.
The US HRC futures contract 3-month price was unchanged at $607.00 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $595.00 per short ton.