The LME steel billet cash price saw a 1.1 percent drop on the LME on April 25, 2012, landing at $470 per metric ton and resulting in a 3.1 percent decline over the past week — making it the week’s biggest mover on the Raw Steels MMI®. Closing out the third week of declining prices, steel billet 3-month prices dropped by two percent on the LME, finishing at $490 per metric ton.
The US HRC futures contract 3-month price fell 1.8 percent last week, settling at $673 per short ton. US HRC futures contract spot fell 0.7 percent for the week to settle at $685 per short ton. Following a 0.5 percent increase during the week prior, the price of US shredded scrap fell 0.2 percent last week as well.
Chinese steel prices were mixed for the week. The high and low price of iron ore 58% fines from India held under $140 per dry metric ton. The price of Chinese slab fell 0.2 percent after rising 0.2 percent during the week prior. Chinese coking coal prices held steady from the previous week.
This week’s Korean steel prices stayed flat. Korean steel scrap essentially didn’t move from the previous week, holding below $380 per metric ton. Prices for Korean pig iron remained constant, closing the week under $700 per metric ton.
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.