Raw Steels MMI®: Korean Pig Iron Falls 4.1% on Weekly Steel Index

A 4.1 percent decline in Korean pig iron made it the biggest mover of the week on the Raw Steels MMI®. Another notable change was a 3.7 percent jump for Korean steel scrap.

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India remained range-bound. The price of Chinese slab increased by 2 percent over the past week. The price of Chinese HRC rose by a slight 0.3 percent after falling 4.1 percent during the previous week. Prices for Chinese coking coal remained constant.

The 3-month price of steel billet rose 1.5 percent on the LME to $335.00 per metric ton after falling 7 percent during the previous week. This past week, the steel billet cash price kept quiet, holding at on the LME at $325.00 per metric ton.

The price of US shredded scrap declined 1.2 percent over the past week. The US HRC futures contract spot price fell 1.4 percent to $640.00 per short ton after rising 0.6 percent the week before. For the third week in a row, the US HRC futures contract 3-month price dropped, falling 0.8 percent to $605.00 per short 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.