The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 4.8 percent decline on the LME. This comes on the heels of a 3.1 percent increase the week before. Following a 0.2 percent increase in the week prior, the steel billet cash price fell 3.3 percent on the LME last week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price and a low price. Chinese HRC saw a 0.8 percent decline over the past week. Chinese coking coal remained essentially flat from the previous week. Chinese slab rose 0.3 percent over the past week.
The US HRC futures contract 3-month price closed last week after a 0.8 percent drop. The price of US shredded scrap did not change since the previous week. The US HRC futures contract spot price traded sideways last week.
Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week and Korean pig iron traded sideways last week.
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.