On Tuesday, May 21, the day’s biggest mover was the steel billet 3-month price, which saw a 6.2 percent decline on the LME to $150.00 per metric ton. This was the first move after three changeless days. After dropping for two days on the LME, the cash price of steel billet flattened at $130.00.
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 ($136.79) and a low price of CNY 830.00 ($135.16) per dry metric ton. At CNY 3,580 ($582.97) per metric ton, the price of Chinese HRC was essentially unchanged. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,420 ($231.23) per metric ton.
The 3-month price of the US HRC futures contract saw little movement yesterday, closing out around $595.00 per short ton. The US HRC futures contract spot price remained essentially flat at $578.00 per short ton.