The biggest mover on the weekly Raw Steels MMI® was the price of Chinese billet, which saw a 3.8 percent increase. This comes on the heels of a 1.6 percent decline the week prior.
The steel billet cash price rose 3.4 percent on the LME to $300.00 per metric ton after falling 1.7 percent during the previous week. The 3-month price of steel billet rose 3.4 percent on the LME to $305.00 per metric ton after falling 1.7 percent during the previous week.
The price of US shredded scrap rose 0.8 percent after falling 0.5 percent during the previous week.
The spot price of the US HRC futures contract spiked 3.7 percent last week to $644.00 per short ton. This past week, the US HRC futures contract 3-month price kept quiet, holding at at $640.00 per short ton.
Korean steel scrap prices ticked up 1.5 percent over the past week. Korean pig iron remained unchanged for the 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.