ArcelorMittal, the world’s largest steelmaker, is in “deep, deep discussions” with BHP Billiton to acquire its stake in a major Guinean iron ore deposit, two people familiar with the matter told the Wall Street Journal.

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A deal, potentially worth as much as $500 million, would bring an end to BHP’s months-long attempt to find a buyer for its 41.3 percent stake in Mount Nimba, a rich deposit located close the Liberian border.

ArcelorMittal and BHP Billiton both declined to comment to the Journal.

On Wednesday, May 14, the day’s biggest mover was the 3-month price of the US HRC futures contract, which saw a 0.8 percent increase to $642.00 per short ton. This increase comes after three straight days of stagnant prices. The US HRC futures contract spot price fell 0.6 percent on Wednesday to $680.00 per short ton.

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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.86) and a low price of CNY 830.00 ($133.26) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,360 ($539.45) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,390 ($223.17) per metric ton.

For the fifth consecutive day, the steel billet cash price held flat on the LME at $390.00 per metric ton. The steel billet 3-month price was unchanged on the LME at $400.00 per metric ton.