Chinese billet’s 4.2 percent decline made it this week’s biggest mover on the weekly Raw Steels MMI®.
The price of Chinese slab fell 1.9 percent over the past week. This was the fourth week in a row of declining prices for Chinese slab. The price of Chinese HRC fell 1.4 percent, 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 $130 and $135 per dry metric ton.
Following a 3.4 percent increase in the week prior, the 3-month price of steel billet fell 2.7 percent on the LME last week to $355 per metric ton. The steel billet cash price fell 1.4 percent on the LME to $350 per metric ton after rising 1.1 percent the week before.
The price of US shredded scrap rose 2.5 percent over the past week, the fifth week in a row of increasing prices. Finishing the fourth week of rising prices, the spot price of the US HRC futures contract increased by 0.6 percent, finishing at $645 per short ton. Last week, the 3-month price of the US HRC futures contract shifted slightly, rising by 0.3 percent to close at $650 per short ton.
Korean steel prices, including steel scrap and pig iron prices, were flat 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.