The week’s biggest mover on MetalMiner’s weekly steel price index was the US HRC futures contract 3-month price, which saw a 4.9 percent decline to $618.00 per short ton. This comes on the heels of a 0.3 percent increase the week before.
The spot price of the US HRC futures contract stayed essentially flat at $645.00 per short ton.
Meanwhile, the price of US shredded scrap did not change since the previous week.
Chinese steel prices were mixed. The price of Chinese slab fell 2.5 percent over the past week. This was the fourth week in a row of declining steel slab prices. The price of Chinese HRC fell 3.4 percent over the past week, the fourth week in a row of declining prices.
Chinese coking coal traded sideways last week. The high and low prices of iron ore 58% fines from India kept under $135 per dry metric ton.
Closing at $355.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week. At $350.00 per metric ton, the steel billet cash price remained essentially flat on the LME.
Korean steel prices were flat for the week. Prices for Korean steel scrap remained constant, closing the week above $350 per metric ton. Holding under $650 per metric ton, the week finished with no movement for Korean pig iron.
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.