3-Month Price of Steel Billet Experiences Large Decrease

With a decline of 6.2 percent on the LME to $150.00 per metric ton on Thursday, May 30, the steel billet 3-month price recorded the biggest decline of the day. At $125.00 per metric ton, the steel billet cash price on the LME was down 3.8 percent from the previous market day.

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 ($136.95) and a low price of CNY 830.00 ($135.32) per dry metric ton. The price of Chinese slab fell 0.5 percent to CNY 3,630 ($591.81) per metric ton. Chinese HRC stayed flat at around CNY 3,440 ($560.83) 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 US HRC futures contract spot price remained essentially flat at $578.00 per short ton.

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