The steel billet cash price saw a 7.7 percent increase on Wednesday, May 8, reaching $140.00 per metric ton on the LME and making it the biggest mover for the day. Following a couple of essentially changeless days, the 3-month price of steel billet rose by 6.7 percent on the LME, closing at $160.00 per metric ton.
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 ($136.45) and a low price of CNY 830.00 ($134.82) per dry metric ton. Chinese HRC held its value yesterday at CNY 3,680 ($597.77) per metric ton. Chinese coking coal saw little change in its price on Wednesday at CNY 1,420 ($230.66) per metric ton.
The US HRC futures contract spot price reached a 30-day low after decreasing 0.8 percent to $590.00 per short ton. The 3-month price of the US HRC futures contract held steady at $607.00 per short ton.