The week’s biggest mover on the Raw Steels MMI® was the steel billet cash price, which saw a 4.9 percent decline on the LME to $390 per metric ton. Last week marked the fourth week in a row of declining prices for the metal. At $400 per metric ton, the steel billet 3-month price finished the week down 2.7 percent on the LME.
Chinese steel prices were flat for the week, but US HRC futures and the shredded scrap price saw movement.
The high and low prices of iron ore 58% fines from India ranged between $130 to $135 per dry metric ton. Holding above $650 per metric ton, the price of Chinese HRC did not change since the previous week. Chinese coking coal remained essentially flat from the previous week, while Chinese slab traded sideways, hovering above $630 per metric ton.
Closing out the third week of declining prices, the US HRC futures contract spot price dropped by 4.8 percent, finishing at $630 per short ton. The 3-month price of US HRC futures contract fell two percent last week, settling at $642 per short ton. US shredded scrap saw a 0.5 percent decline over the past week.
Korean steel prices were flat for the week. Closing between $375-$400 per metric ton, Korean steel scrap remained unchanged for the week. Following a steady week, prices for Korean pig iron closed flat as well.
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.