Korean steel scrap finished as the week’s biggest mover on the weekly Raw Steels MMI® after dropping 3.6 percent. Following a steady week, prices for Korean pig iron closed flat.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India stayed range bound in the low $130/ per dry metric ton. Chinese HRC saw a 1.2 percent decline over the past week. Chinese slab prices stayed flat. The price of Chinese coking coal did not change since the previous week.
At $364 per metric ton, the cash price of steel billet finished the week 0.4 percent higher on the LME. The steel billet 3-month price rose 0.1 percent on the LME over the past week to $365 per metric ton. This was the third week in a row of increasing prices.
After a 1.3 percent decline, US shredded scrap closed out the week down slightly. The US HRC futures contract 3-month 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. This past week, the spot price of US HRC futures contract kept quiet, holding at at $620 per short 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.