The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 3.8 percent decline on the LME to $375 per metric ton. This comes on the heels of a four percent increase the week before. The steel billet 3-month price fell to $385 per metric ton on the LME, a 3.8 percent change from the prior week.
Chinese steel prices were mixed for the week. The high and low prices of iron ore 58% fines from India remained range-bound, while the price of Chinese slab fell 1.4 percent over the past week. This was the fourth week in a row of declining prices.
The price of Chinese HRC rose 1.4 percent after falling seven percent during the previous week. Chinese coking coal prices held steady from the previous week.
In the past week, US shredded scrap saw its price shift up 0.6 percent. The 3-month price of the US HRC futures contract rose 0.8 percent to $640 per short ton after falling 0.5 percent during the previous week. The US HRC futures contract spot price rose 0.2 percent over the past week to $606 per short ton.
Korean steel prices held flat. At under $340 per metric ton, the price of Korean steel scrap did not change since the previous week. Korean pig iron traded sideways last week, hovering in the mid-$600 per metric ton range.
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.