The cash price of steel billet fell 4.9 percent on Friday, May 17 to $135.00 per metric ton on the LME, making it the day’s biggest mover. The steel billet 3-month price held steady last Friday on the LME, remaining around $160.00 per metric ton.
Chinese steel closed mixed last Friday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.55) and a low price of CNY 830.00 ($134.92) per dry metric ton. The price of Chinese HRC fell 1.4 percent last Friday to CNY 3,580 ($581.95) per metric ton after three straight days with no change. The price of Chinese slab fell 0.8 percent last Friday to CNY 3,680 ($598.20) per metric ton.
The 3-month price of the US HRC futures contract saw little movement last Friday at $595.00 per short ton. The US HRC futures contract spot price showed little movement last Friday at $578.00 per short ton.