The steel billet cash price saw a 7.1 percent decline on the LME, finishing at $325 per metric ton and making it the week’s biggest mover on MetalMiner’s weekly Raw Steels MMI®. The 3-month price of steel billet fell to $330 per metric ton on the LME, a 7 percent change from the prior week.
Chinese steel prices were mixed. The high and low prices of iron ore 58% fines from India did not budge from the previous week, but the price of Chinese HRC fell 4.1 percent this week, the third week in a row of declining prices.
The week finished with no movement for Chinese coking coal, and Chinese slab remained essentially flat below $550 per metric ton.
The 3-month price of the US HRC futures contract saw a 1.3 percent drop this week, closing at $610 per short ton. The spot price of the US HRC futures contract rose 0.6 percent over the past week to $649 per short ton. US shredded scrap traded sideways last week, hovering above $400 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap rose by a slight 2.5 percent. Just south of $650 per metric ton, the price of Korean pig iron did not change since the previous 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.