Rising 3.9 percent on the LME to $395 per metric ton, the 3-month price of steel billet saw the largest increase on MetalMiner’s weekly Raw Steels MMI® this week. Over the last week, the steel billet cash price shifted slightly on the LME, rising by 1.4 percent to close at $375 per metric ton.
Chinese steel prices were mixed for the week. The high and low prices of iron ore 58% fines from India remained range-bound, $130 to $135 per dry metric ton. The price of Chinese HRC finished the week down 1.7 percent. The price of Chinese slab declined 0.7 percent over the past week, while the price of Chinese coking coal did not change since the previous week.
The price of US shredded scrap fell 2.4 percent over the past week — the third week in a row of declining prices. The spot price of US HRC futures contract saw a 2.4 percent drop this week, closing at $605 per short ton. Last week, the US HRC futures contract 3-month price increased by a slight 0.8 percent to $635 per short ton.
Korean steel prices were down for the week. The price of Korean steel scrap fell 2.5 percent, the third week in a row of declining prices. Korean pig iron prices were down slightly, a few dollars per metric ton, from a week ago.
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.