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 high and low prices of iron ore 58% fines from India remained rangebound for the day. Chinese HRC stayed flat. The price of Chinese coking coal saw essentially no change for the fifth day in a row.
Yesterday, a 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.