Brazil’s iron ore producer Vale is announcing the company’s third-quarter results this morning, as other news revealed that Vale “put its giant Simandou iron ore project in Guinea on hold as a recent plunge in iron ore price forces a revision of investments, the company said Wednesday.”
The prices of iron ore 58% fines from India, tracked by the MetalMiner IndX℠, remained in a range above $130 per dry metric ton.
The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 6.1 percent decline on the LME to $310.00 per metric ton. This week marked the third in a row of declining prices for the metal.
The steel billet 3-month price dropped 4.2 percent on the LME this week, closing out the third consecutive week of falling prices at $320.00 per metric ton.
Chinese steel prices were flat for the week. The prices of iron ore 58% fines from India remained in a range above $130 per dry metric ton. Prices for Chinese HRC remained constant. Chinese coking coal traded sideways last week. Chinese slab remained essentially flat as well.
The US HRC futures contract 3-month price ticked up 2.4 percent over the past week to $650.00 per short ton. The price of US shredded scrap rose 0.9 percent, after falling 9.8 percent during the previous week. The US HRC futures contract spot price fell 0.8 percent last week, settling at $590.00 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap finished the week with a 3.8 percent drop. The price of Korean pig iron, meanwhile, did not change.
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.