The week’s biggest mover in steel prices was Korean steel scrap, which saw a 2.3 percent decline to KRW $430,000 ($378) per metric ton. Korean pig iron held steady from the previous week at KRW $790,000 ($694) per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India ranged from CNY 870 ($138) to CNY 880 ($139). Chinese coking coal remained essentially flat from the previous week at CNY 1,780 ($282) per metric ton. In the past week, Chinese slab saw its price drift up 0.2 percent to CNY 4,400 ($698) per metric ton.
The cash price of steel billet declined one percent on the LME over the past week to $485 per metric ton. The 3-month price of steel billet saw a one percent decline over the past week on the LME, closing at $500 per metric ton.
The 3-month price of the US HRC futures contract fell one percent over the past week, settling at $685 per short ton. The US HRC futures contract spot price remained steady from the previous week at $690 per short ton. Meanwhile, the price of US shredded scrap rose 0.5 percent to $437 per short ton after falling 1.4 percent during the week prior.