Closing at CNY 3,950 ($624) per metric ton on the Construction MMI®, Chinese H-beam steel finished as the week’s biggest mover with a 3.2 percent decline. The Chinese low price of 62% Australian iron ore fines fell 1.9 percent over the past week to CNY 1,030 ($162) per dry metric ton. This was the third week in a row of declining prices. At CNY 4,180 ($661) per metric ton, the price of Chinese rebar finished the week down 1.6 percent. US shredded scrap fell 0.2 percent over the past week to $432 per short ton.
Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,050 ($2,222) per metric ton. Following a steady week, prices for European 1050 aluminum closed flat at EUR 2,327 ($3,055) per metric ton.
After a two percent decline, weekly US Midwest bar fuel surcharge closed out the week at $0.53 per short ton. Weekly US Gulf Coast bar fuel surcharge prices were off slightly at $0.53 per short ton, down from $0.54 a week ago. The price of weekly US Rocky Mountain bar fuel surcharge declined 0.6 percent over the past week, settling at $0.56 per short ton.
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Following a three-day flat streak, the price of Chinese HRC dropped by 0.9 percent on May 8, 2012.
Meanwhile, Chinese coking coal prices remained essentially flat. For the fifth day in a row, the price of Chinese slab also stayed pat at CNY 4,350 ($691) per metric ton. The price of iron ore 58% fines from India hit a low price of CNY 855 ($135) and a high price of CNY 865 ($137) per dry metric ton.
On the LME, the steel billet cash price held steady around $480 per metric ton. The steel billet 3-month price saw little movement on Tuesday on the LME, closing out around $485 per metric ton.
For the fifth consecutive day, the 3-month price of US HRC futures held flat at $670 per short ton. The US HRC futures contract spot price saw little change in its price yesterday at $665 per short ton.
On April 27, 2012, the day’s biggest mover was the steel billet cash price, which saw a 1.1 percent increase on the LME to $470 per metric ton. This increase comes after the price fell for the two previous days. After a one percent increase, steel billet 3-month prices finished the day on the LME at $485 per metric ton.
Chinese steel closed mixed last Friday. The high and low prices of iron ore 58% fines from India kept under $140 per dry metric ton. Friday saw the price of Chinese slab shift 0.7 percent after three quiet days. For the fifth day in a row, the price of Chinese coking coal remained essentially flat.
The US HRC futures contract 3-month price stayed steady at $670 per short ton. The spot price of US HRC futures contract saw little change in its price at $685 per short ton.
The cash price of steel billet saw the biggest increase at 0.6 percent on the LME, finishing at $475 per metric ton for April 24, 2012. The LME steel billet 3-month price held steady on Tuesday, remaining around $490 per metric ton.
Chinese steel prices closed flat for the day. Iron ore 58% fines from India ranged from CNY 870 ($137) to CNY 880 ($139) per dry metric ton. The price of Chinese coking coal saw little movement at CNY 1,780 ($282) per metric ton. The price of Chinese slab ended up even on Tuesday at CNY 4,390 ($696) per metric ton.
Tuesday saw the US HRC futures contract spot price shift 0.3 percent to $685 per short ton after a couple of still days. At $673 per short ton, the US HRC futures contract 3-month price held fast after a two-day decline.