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 high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton. Chinese HRC prices were off slightly at between $650 and $675 per metric ton, down from above $670 a week ago. The price of Chinese coking coal did not change since the previous week. Chinese slab saw a 3.2 percent drop-off this week as well.
A 0.8 percent gain landed the US HRC futures contract spot price at $670 per short ton. Since last week, the 3-month price of the US HRC futures contract fell to $665 per short ton after moving 0.7 percent. At between $425-$450 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, while prices for Korean pig iron remained constant, closing the week at between $675 and $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.