Korean Steel Scrap Sees Weekly 2.3% Drop

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The week’s biggest mover in steel prices was Korean steel scrap, which saw a 2.3 percent decline. Korean pig iron held steady from the previous week at under the $700 level per metric ton.

Chinese steel prices were mixed for the week. The range of iron ore 58% fines prices from India held under $140 per dry metric ton. Chinese coking coal remained essentially flat from the previous week. Also in the past week, Chinese slab saw its price drift up 0.2 percent.

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, after falling 1.4 percent during the week prior.

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