On Thursday, May 16, the day’s biggest mover was the cash price of steel billet, which saw a 2.9 percent increase on the LME to $142.00 per metric ton. Also on the LME, the steel billet 3-month price showed little movement on Thursday, hovering around $160.00 per metric ton.
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 ($136.64) and a low price of CNY 830.00 ($135.02) per dry metric ton. Chinese HRC stayed flat at around CNY 3,630 ($590.50) per metric ton. The price of Chinese coking coal saw essentially no change for the fifth day in a row, remaining around CNY 1,420 ($230.99) per metric ton.
On Thursdayyesterday price drop of 2.0 percent carried the 3-month price of the US HRC futures contract to a 30-day low of $595.00 per short ton. After falling 0.9 percent to $578.00 per short ton, the spot price of the US HRC futures contract reached a 30-day low.