A 2.9 percent increase made the LME steel billet cash price the week’s biggest mover on the Raw Steels MMI®, closing at $489 per metric ton. (The cash price of LME steel billet saw a 1.9 percent increase on May 9, 2012.) The 3-month price of steel billet fell two percent on the LME to $480 per metric ton after rising 2.1 percent the week before.
Chinese steel and raw material prices were mixed for the week. The high and low prices of iron ore 58% fines from India ranged between $135 and $140 per dry metric ton. Chinese HRC closed out the week with a 1.4 percent decline. The price of Chinese coking coal did not change since the previous week. Closing out the third week of declining prices, the price of Chinese slab dropped by 0.2 percent.
The US HRC futures contract spot price closed last week at $665 per short ton, after a 2.9 percent drop. The 3-month price of US HRC futures closed at $670 per short ton after a flat week. The price of US shredded scrap fell 0.5 percent over the past week. This was the third week in a row of declining prices for the scrap price.
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.