The week’s biggest mover on the Raw Steels MMI® was the cash price of steel billet, which saw a 7.2 percent decline on the LME to $454 per metric ton. This comes on the heels of a 4.9 percent increase the week before. This week, the steel billet 3-month price finished at $460 per metric ton on the LME after falling 4.2 percent.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840 ($132) and a low price of CNY 850 ($134) per dry metric ton. Chinese HRC prices were off slightly at CNY 4,200 ($664) per metric ton, down from CNY 4,230 ($672) a week ago. At CNY 1,780 ($281) per metric ton, the price of Chinese coking coal did not change since the previous week. Chinese slab saw a 3.2 percent drop-off this week to end at CNY 4,210 ($666) per metric ton.
A 0.8 percent gain landed the US HRC futures contract spot price at $670 per short ton. Since last week, the price of US HRC futures contract 3 month fell to $665 per short ton after moving 0.7 percent. At $433 per short ton, the week finished with no movement for US shredded scrap.
Korean steel prices were mixed for the week. Korean steel scrap prices ticked up 2.3 percent over the past week to KRW 440,000 ($383) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 790,000 ($688) 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.