The biggest mover on the weekly Raw Steels MMI® was the price of Chinese billet, which saw a 4 percent decline. This week marked the third in a row of declining prices for the metal.
Following a 4.4 percent increase in the week prior, the price of Chinese HRC fell 2.2 percent last week. Chinese coking coal remained unchanged for the week. Prices for 58% Indian iron ore fines low closed flat.
The steel billet 3-month price increased 3.1 percent over the past week to $315.00 per metric ton on the LME. The cash price of steel billet shifted up 0.2 percent on the LME to close at $305.00 per metric ton this week.
The price of US shredded scrap increased by a slight 2.1 percent over the past week. The US HRC futures contract 3-month price fell 0.8 percent to $655.00 per short ton after rising 1.5 percent the week before. Following a steady week, prices for the US HRC futures contract spot price closed flat at $618.00 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.