Prices for Korean steel scrap saw the biggest increase on the weekly Raw Steels MMI®, rising 3.2 percent. Korean pig iron gained a slight 1.4 percent this past week.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of nearly $135 per dry metric ton. The price of Chinese HRC rose 0.5 percent after falling 0.8 percent during the previous week. Prices for Chinese coking coal remained constant. The price of Chinese slab fell 1.1 percent after rising 0.3 percent the week before.
The price of US shredded scrap declined 0.5 percent over the past week.
The cash price of steel billet fell 1.7 percent on the LME over the past week to $290.00 per metric ton. The 3-month price of steel billet fell 1.7 percent on the LME over the past week to $295.00 per metric ton. This was the third week in a row of declining LME billet prices.
For the third week in a row, the 3-month price of the US HRC futures contract dropped, falling 1.5 percent to $640.00 per short ton. A 0.5 percent gain landed the US HRC futures contract spot price at $621.00 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.