The biggest mover on the weekly Raw Steels price index was the cash price of steel billet, which saw a 10.1 percent increase on the LME to $350.00 per metric ton. This comes on the heels of a 2.2 percent decline the week prior.
The steel billet 3-month price rose 8.5 percent on the LME to $350.50 per metric ton after falling 3.6 percent during the previous week.
China Steel Prices Rise, Iron Ore Pricier to Produce
The China Iron & Steel Association (CISA) is lobbying the Chinese government to reduce taxes on domestic iron ore producers, reports Reuters; producers’ decreased competitiveness can be attributed mostly to iron ore prices dropping to levels not reached since 2009.
Chinese prices for steel and its raw materials on the MetalMiner IndX℠ this week were mixed. The high and low prices of iron ore 58% fines from India hardly moved over the week. Chinese slab prices ticked up 0.3 percent, while Chinese HRC rose by a slight 0.6 percent. Chinese coking coal remained essentially flat from the previous week.
Scrap Price Down, HRC Futures Up
The price of US shredded scrap dropped 0.5 percent this week, closing out the third consecutive week of falling prices. The US HRC futures contract 3-month price ticked up 1.5 percent over the past week to $615.00 per short ton. The spot price of the US HRC futures contract closed at $640.00 per short ton after a flat week.
Korean steel scrap saw a 1.2 percent decline over the past week, but prices for Korean pig iron remained constant.
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