Rising 5.2 percent on the LME to $363 per metric ton made the cash price of steel billet this week’s biggest mover on the weekly Raw Steels MMI®. The 3-month price of steel billet rose 2.8 percent on the LME over the past week to $365 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price hovered in the low $130 dry metric ton range. For the third week in a row, the price of Chinese HRC dropped, falling 0.7 percent. Following a steady week, prices for Chinese coking coal closed flat. , The week finished with no movement for Chinese slab.
Following a 1.6 percent increase in the week prior, the 3-month price of US HRC futures contract fell 0.8 percent last week to $625 per short ton. The US HRC futures contract spot price stayed essentially flat at $620 per short ton. Meanwhile, US shredded scrap remained unchanged for the week.
Korean steel prices were flat for the week. Korean steel scrap prices also held steady from the previous week. Korean pig iron remained essentially flat from the previous week 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.