A 12 percent decline in Korean steel scrap made it the biggest mover on the weekly Raw Steels price index.
Look for the latest iron ore, coking coal and steel prices from China tomorrow.
Not far behind steel scrap from Korean in terms of movement, the steel billet cash price rose 11.3 percent on the LME to $345.00 per metric ton after falling 6.1 percent during the previous week. The 3-month price of steel billet rose 10.9 percent on the LME to $355.00 per metric ton after falling 4.2 percent during the previous week.
In the US, shredded scrap rose by a slight 0.3 percent. The US HRC futures contract spot price rose 0.2 percent to $591.00 per short ton after falling 0.8 percent during the previous week. The 3-month price of the US HRC futures contract traded sideways last week, hovering around $650.00 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.