But First, Daily Steel Price Index Movement on June 20, 2012
The LME steel billet cash price dropped 2.8 percent on June 20, 2012 to close at $345 per metric ton, while the 3-month price fell 2.7 percent to $355 per metric ton.
The Chinese 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 fell 0.2 percent on Wednesday after three straight days with no change. For the fifth consecutive day, the price of Chinese coking coal held flat.
The US HRC futures contract 3-month price rose by 0.8 percent to $630 per short ton. The US HRC futures contract spot price held steady yesterday, remaining around $620 per short ton.
Weekly Raw Steels MMI® Sees LME Billet Rebound Sharply, US Scrap Down
The biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 12.5 percent increase on the LME to $355 per metric ton. This comes on the heels of a 21.1 percent decline the week prior. The LME steel billet cash price rose 9.7 percent to $345 per metric ton after falling 19.4 percent during the previous week.
Chinese steel prices were mixed. The Chinese high and low prices of iron ore 58% fines from India ranged between $130 and $135 per dry metric ton on the week. The price of Chinese HRC declined 0.2 percent, while prices for Chinese coking coal remained flat. At between $600 and $650 per metric ton, the week finished with no movement for Chinese slab.
The price of US shredded scrap finished the week down 3.1 percent. The US HRC futures contract 3-month price rose 1.6 percent to $630 per short ton after falling 3.4 percent during the previous week. The US HRC futures contract spot price fell 0.8 percent over the past week to $620 per short ton. This was the third week in a row of declining prices.
Korean steel prices were mixed for the week. Korean steel scrap prices were off slightly, down 1.4 percent from a week ago. At above $600 per metric ton, the price of Korean pig iron did not change since the previous week.
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.