The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw a 2.4 percent decline on the LME to $411 per metric ton. Last week marked the fourth in a row of declining prices for the metal. The steel billet cash price dropped 2.1 percent on the LME this week, closing out the third consecutive week of falling prices at $410 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 ($132) per dry metric ton. The price of Chinese HRC rose 0.5 percent to CNY 4,150 ($655) per metric ton after falling 1.7 percent during the previous week. Chinese coking coal remained essentially flat from the previous week at CNY 1,780 ($281) per metric ton. Closing out the third week of declining prices, the price of Chinese slab dropped by 1.7 percent, finishing at CNY 4,020 ($634) per metric ton.
Following a 0.5 percent drop, the spot price of US HRC futures contract finished the week at $662 per short ton. Prices for US shredded scrap remained constant, closing the week at $432 per short ton. The 3-month price of US HRC futures contract closed at $655 per short ton after a flat week.
Korean steel prices were flat for the week. At KRW 440,000 ($376) per metric ton, the week finished with no movement for Korean steel scrap. Korean pig iron prices held steady 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.