A 2.9 percent increase made the steel billet cash price the week’s biggest mover on the Raw Steels MMI®, closing at $489 per metric ton on the LME. (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 price of iron ore 58% fines from India hit a low price of CNY 855 ($135) and a high price of CNY 865 ($137) per dry metric ton. After a 1.4 percent decline, Chinese HRC closed out the week at CNY 4,230 ($672) per metric ton. At CNY 1,780 ($282) per metric ton, 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, finishing at CNY 4,350 ($691) per metric ton.
The US HRC futures contract spot price closed last week at $665 per short ton, after a 2.9 percent drop. The price of US shredded scrap fell 0.5 percent over the past week to $433 per short ton. This was the third week in a row of declining prices. The 3-month price of US HRC futures closed at $670 per short ton after a flat week.
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.