The week’s biggest mover on the weekly Raw Steels MMI® was the price of Chinese HRC, which saw a 7 percent decline. This week marked the third in a row of declining prices for the metal.
Closing out the third week of declining prices, the price of Chinese slab dropped by 5.6 percent. (Chinese slab prices decreased 1.6 percent yesterday.) The price of Chinese billet fell 5 percent over the past week. This was the fourth week in a row of declining prices.
Chinese coking coal remained essentially flat from the previous week, while the high and low prices of iron ore 58% fines from India held between $125 and $135 per dry metric ton.
The cash price of steel billet saw a 4 percent increase in its price, hitting $390 per metric ton on the LME. Also on the LME, the 3-month price of steel billet remained steady from the previous week at $400 per metric ton.
The price of US shredded scrap rose 0.3 percent after falling 8.3 percent during the previous week.
The 3-month price of US HRC futures contract fell 0.5 percent to $635 per short ton after rising 0.5 percent the week before. This past week, the spot price of US HRC futures contract kept quiet, holding at at $605 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap saw a 1.3 percent decline. Closing below $650 per metric ton, Korean pig iron remained unchanged for the 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.