LME Steel Billet – Biggest Daily, Weekly Loser
With a decline of 4.8 percent on the LME to $300.00 per metric ton on Nov. 7, 2012, the cash price of steel billet recorded the biggest decline of the day on MetalMiner’s steel price index. A $15.00 decline in the 3-month price of steel billet on the LME left the price at $305.00 per metric ton.
The biggest mover on the weekly Raw Steels MMI® was the LME steel billet 3-month price, which saw a 14.1 percent decline on the LME to $305.00 per metric ton. This comes on the heels of an 10.9 percent increase the week before. The steel billet cash price fell 13 percent on the LME to $300.00 per metric ton after rising 11.3 percent the week before.
China Steel Prices Up
Chinese steel and raw material input prices didn’t move on Nov. 7, but were mixed for the week.
The prices of iron ore 58% fines from India kept in a tight range in the $130s per dry metric ton. Finishing the fourth week of rising prices, the price of Chinese HRC increased by 1.3 percent. The week finished with no movement for Chinese coking coal. The price of Chinese slab increased by a slight 1.4 percent.
Korea Steel Prices Down
Current Steel Futures, Scrap Prices
The spot price of the US HRC futures contract didn’t move on Nov. 7, but saw a 4.6 percent increase in its price on the week, hitting $618.00 per short ton. This past day and for the week, the 3-month price of the US HRC futures contract kept quiet, holding at at $650.00 per short ton.
US shredded scrap prices held steady from the previous week.
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.