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. For the third week in a row, the LME cash price of steel billet dropped, falling 2.1 percent on the LME to $410 per metric ton.
Certain Chinese and Korean steel prices were also active.
Chinese steel prices and raw steelmaking materials 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. The price of Chinese HRC rose 0.5 percent, after falling 1.7 percent during the previous week. Following a steady week, prices for Chinese coking coal closed flat. The price of Chinese steel slab dropped 1.7 percent this week, closing out the third consecutive week of falling prices.
US shredded scrap remained essentially flat from the previous week, above $400 per short ton. The US HRC futures contract spot price closed last week at $662 per short ton, after a 0.5 percent drop. At $655 per short ton, the 3-month price of US HRC futures contract remained essentially flat.
Korean steel prices were flat for the week. Prices for Korean steel scrap remained constant, closing the week above $375 per metric ton. Holding between $650 and $700 per metric ton, the week finished with no movement for Korean pig iron.
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.