The 3-month price of steel billet saw the biggest increase at 6.7 percent on the LME, finishing at $160.00 per metric ton for Wednesday, May 29. The steel billet cash price increased 4.0 percent on the LME to $130.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.18) and a low price of CNY 830.00 ($135.54) per dry metric ton. Following a quiet couple of days, the price of Chinese HRC fell 0.9 percent yesterday to CNY 3,440 ($561.77) per metric ton. After two changeless days, the price of Chinese slab fell 0.3 percent to CNY 3,650 ($596.07) per metric ton.
For the fifth consecutive day, the US HRC futures contract 3-month price held flat at $600.00 per short ton. The spot price of the US HRC futures contract saw little movement at $578.00 per short ton.