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 to $436 per short ton.
Chinese steel prices were mixed for the week. Iron ore 58% fines from India ranged from CNY 860 ($136) to CNY 870 ($137) per dry metric ton. The price of Chinese slab fell 0.2 percent to CNY 4,390 ($696) per metric ton after rising 0.2 percent during the week prior. Chinese coking coal prices held steady from the previous week at CNY 1,780 ($282) per metric ton.
This week’s Korean steel prices stayed flat. Korean steel scrap essentially didn’t move from the previous week at KRW 430,000 ($378) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 790,000 ($694) 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: info (at) agmetalminer (dot) com.