The steel billet cash price saw the biggest increase at 3.8 percent on the LME, finishing at $135.00 per metric ton for Friday, May 10. The 3-month price of steel billet experienced a big shift last Friday, gaining 3.3 percent on the LME to finish at $155.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.02) and a low price of CNY 830.00 ($135.39) per dry metric ton. After two changeless days, the price of Chinese slab fell 0.5 percent to CNY 3,710 ($605.17) per metric ton. The price of Chinese HRC remained steady at CNY 3,660 ($597.01) per metric ton.
The US HRC futures contract 3-month price remained essentially flat at $607.00 per short ton. Following two days of downward movement, the spot price of the US HRC futures contract held steady at $583.00 per short ton.