The week’s biggest mover on the Raw Steels MMI® was the steel billet cash price, which saw a 2.2 percent increase on the LME to $475 per metric ton. This comes on the heels of a 2.3 percent decline the week prior. The steel billet 3-month price rose 2.1 percent on the LME to $490 per metric ton after falling five percent during the previous week.
Chinese steel prices were mixed for the week. The high and low prices of iron ore 58% fines from India hit in the range of $135 to $140 per dry metric ton. At above $680 per metric ton, the week finished with no movement for Chinese HRC. Prices for Chinese coking coal remained constant. Chinese slab prices were off slightly at under $700 per metric ton, down slightly from a week ago.
US shredded scrap fell 0.5 percent over the past week. Closing at $670 per short ton, the 3-month price of US HRC futures remained unchanged for the week. The spot price of US HRC futures contract traded sideways last week, hovering around $685 per short ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering above $370 per metric ton. Korean pig iron prices held steady from the previous week at below $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.