Chinese steel billet prices saw the largest upwards shift on the weekly Raw Steels MMI®, rising 10 percent. One of the big movers this week was Chinese HRC, which shot up 9.3 percent. Chinese slab finished the week with a 2.8 percent increase.
Chinese coking coal traded sideways last week, and the price range of iron ore 58% fines from India remained under $133 per dry metric ton.
Following a 1.5 percent increase in the week prior, the steel billet 3-month price fell 3.6 percent on the LME last week to $323.00 per metric ton. The cash price of steel billet declined to $318.00 per metric ton after drifting 2.2 percent on the LME since last week.
US shredded scrap prices were off slightly, down about $10 per short ton from a week ago. The US HRC futures contract 3-month price rose 0.2 percent to $606.00 per short ton after falling 0.8 percent during the previous week. The US HRC futures contract spot price closed at $640.00 per short ton after a flat week.
Korean steel prices were mixed for the week. The price of Korean steel scrap fell 5.9 percent after rising 3.7 percent the week before. The week finished with no movement for Korean pig iron.
The Raw Steels MMI® collects and weights 13 global steel and raw material price points to provide a unique view into global steel price trends. For more information on the Raw Steels MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.