The monthly Raw Steels MMI® registered a value of 88 in December, an increase of 1.1 percent from 87 in November.
Following a 14.8 percent change in price, US shredded scrap closed the month at $387.00 per short ton. Chinese slab prices increased from CNY 3,670 ($587.97) to CNY 3,720 ($597.15) per metric ton last month. Finishing at $650.00 per short ton the 3-month price of the US HRC futures contract saw a 1.6 percent shift higher for the month.
The 3-month price of steel billet declined 11.4 percent on the LME over the past month to $310.00 per metric ton. The price of Korean steel scrap fell for the month. The price of Chinese coking coal dropped 4.6 percent to CNY 1,700 ($272.89) per metric ton after staying flat the previous month. The price of Chinese billet fell 2.9 percent over the past month to CNY 3,180 ($510.47) per metric ton, the second straight month of declines.
The price of Korean pig iron increased slightly over the past month at KRW 705,000 ($650.79) per metric ton. This was the second month in a row that the price ticked up.
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.