With a decline of 7.1 percent on the LME to $130.00 per metric ton on Thursday, May 9, the steel billet cash price recorded the biggest decline of the day. A $10.00 decline in the steel billet 3-month price on the LME left the price at $150.00 per metric ton.
Chinese steel closed mixed on Thursday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.90) and a low price of CNY 830.00 ($135.27) per dry metric ton. The price of Chinese HRC moved yesterday. After a few changeless days, prices dropped 0.5 percent to CNY 3,660 ($596.51) per metric ton. The price of Chinese coking coal remained steady at CNY 1,420 ($231.43) per metric ton.
The spot price of the US HRC futures contract fell 1.2 percent to a 30-day low of $583.00 per short ton yesterday. The US HRC futures contract 3-month price remained essentially flat at $607.00 per short ton.