The week’s biggest mover on MetalMiner’s weekly steel price index was the 3-month price of steel billet, which saw an 8.3 percent decline on the LME to $353 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the steel billet cash price dropped by 6.4 percent on the LME, finishing at $351 per metric ton.
Chinese steel prices were mixed for the week. The high and low prices of iron ore 58% fines from India ranged from $130 to $135 per dry metric ton. Following a 1.4 percent increase in the week prior, the price of Chinese HRC fell 2.1 percent last week. Chinese coking coal prices held steady from the previous week, while the price of Chinese slab fell 0.5 percent over the past week. This was the third week in a row of declining prices.
The US HRC futures contract spot price increased 5.6 percent over the past week to $640 per short ton. Closing out the third week of rising prices, the price of US shredded scrap increased by 4.2 percent. The US HRC futures contract 3-month price shifted up 0.8 percent to close at $645 per short ton this week.
Korean steel prices were mixed for the week. The price of Korean steel scrap increased by 2.6 percent over the past week. Following a steady week, prices for Korean pig iron closed flat, below $650 per metric 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.