Monthly Raw Steels MMI® Holds Steady at 87

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The monthly Raw Steels MMI® registered a value of 87 in October, on par with September’s value.

The 3-month price of steel billet rose 4.3 percent on the LME to $360.00 per metric ton after falling the previous month. The cash price of steel billet rose 2.9 percent on the LME to $350.00 per metric ton after falling the previous month.

After dropping the previous month, the price of Chinese slab prices rose 6.5 percent to CNY 3,630 ($577.49) per metric ton.

After rising 15.1 percent the previous month, US shredded scrap prices dropped 6.7 percent to $376.00 per short ton.

After remaining essentially unchanged the previous month, the price of Korean pig iron fell 2.5 percent to KRW 705,000 ($631) per metric ton. Korean steel scrap prices fell 1.9 percent to KRW 395,000 ($352.67) per metric ton after rising 5.1 percent the previous month.

With a 1.8 percent decline, the US HRC futures contract 3-month price closed the month at $609.00 per short ton.

The price of Chinese coking coal increased 1.1 percent over the past month at CNY 1,780 ($283.18) per metric 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 over a 30-day period. 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.

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