On Wednesday, May 15, the day’s biggest mover was the steel billet cash price, which saw a 10.4 percent increase on the LME to $138.00 per metric ton. The 3-month price of steel billet rose by 3.2 percent on the LME to $160.00 on Wednesday after remaining flat for two days.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.76) and a low price of CNY 830.00 ($135.13) per dry metric ton. The price of Chinese HRC remained steady at CNY 3,630 ($591.00) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,420 ($231.19) per metric ton.
The 3-month price of the US HRC futures contract held steady at $607.00 per short ton. The US HRC futures contract spot price showed little movement on Wednesday at $583.00 per short ton.