The 3-month price of steel billet saw the biggest upwards shift for the day, rising 13.3 percent on the LME to close at $170.00 per metric ton on Thursday, May 23. Also on the LME, the steel billet cash price saw little movement on Thursday at $130.00 per metric ton.
Chinese steel closed mixed yesterday. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.93) and a low price of CNY 830.00 ($135.30) per dry metric ton. The price of Chinese HRC fell 2.2 percent yesterday to CNY 3,500 ($570.56) per metric ton after three straight days with no change. After holding steady for the past few days, the price of Chinese slab fell 0.3 percent, closing at CNY 3,670 ($598.27) per metric ton.
The US HRC futures contract 3-month price showed little movement yesterday, hovering around $600.00 per short ton. For the fifth consecutive day, the US HRC futures contract spot price held flat at $578.00 per short ton.