Rising 4.0 percent to close at $130.00 per metric ton, the cash price of steel billet experienced the biggest change on the LME for Friday, May 31. Also on the LME, the 3-month price of steel billet held steady around $150.00 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 ($136.95) and a low price of CNY 830.00 ($135.32) per dry metric ton. Chinese slab closed 0.6 percent lower at CNY 3,610 ($588.55) per metric ton. Chinese HRC held its value last Friday at 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.