The week’s biggest mover on the weekly Raw Steels MMI® was the price of US shredded scrap, which saw a 12.3 percent increase to $393 per short ton. Last week marked the fourth in a row of rising prices for the metal.
At $648 per short ton, the US HRC futures contract 3-month price finished the week 0.5 percent higher. The US HRC futures contract spot price rose 0.2 percent over the past week to $641 per short ton. This was the third week in a row of increasing prices.
Chinese raw material and steel prices were mixed for the week.
The high and low prices of iron ore 58% fines from India did not move from its previous range this week. However, the price of Chinese HRC fell 1.4 percent over the past week. This was the fourth week in a row of declining prices.
The week finished with no movement for Chinese coking coal. The price of Chinese slab fell 0.3 percent over the past week, the fourth week in a row of declining prices.
The 3-month price of steel billet rose 3.4 percent on the LME to $365 per metric ton after falling 8.3 percent during the previous week. The steel billet cash price rose 1.1 percent on the LME to $355 per metric ton after falling 6.4 percent during the previous week.
Korean steel prices were flat for the week. Korean steel scrap and pig iron both traded sideways last 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.