The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw a 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.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($133) per dry metric ton. Chinese HRC prices were off slightly at CNY 4,130 ($653) per metric ton, down from CNY 4,200 ($664) a week ago. At CNY 1,780 ($281) per metric ton, the week finished with no movement for Chinese coking coal. For the third week in a row, the price of Chinese slab dropped, falling 2.9 percent to CNY 4,090 ($647) per metric ton.
With a 1.5 percent decrease, the 3-month price of US HRC futures contract closed the week at $655 per short ton. The spot price of US HRC futures contract fell 0.7 percent to $665 per short ton after rising 0.8 percent the week before. After a 0.2 percent decline, US shredded scrap closed out the week at $432 per short ton.
Korean steel prices were flat for the week. Prices for Korean steel scrap remained constant, closing the week at KRW 440,000 ($376) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 790,000 ($675) 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.