The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw an 8.5 percent decline on the LME to $421 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the cash price of steel billet dropped by 7.7 percent on the LME, finishing at $419 per metric ton.
(Why the steel price drops? Where are prices of steel headed for the rest of 2012?)
Chinese steel prices, meanwhile, were mixed for the week.
The high and low prices of iron ore 58% fines from India ranged from $130 to $135 per dry metric ton. Chinese HRC prices were off slightly, down to between $650-$660 per metric ton. The week finished with no movement for Chinese coking coal. For the third week in a row, the price of Chinese steel slab dropped, falling 2.9 percent.
With a 1.5 percent decrease, the 3-month price of US HRC futures closed the week at $655 per short ton. The spot price of US HRC futures fell 0.7 percent to $665 per short ton after rising 0.8 percent the week before. US shredded scrap closed out the week with a 0.2 percent decline.
Prices for Korean steel scrap remained constant, closing the week between $375 and $400 per metric ton. Korean pig iron remained essentially flat from the previous 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.