The week’s biggest mover on the weekly Raw Steels MMI® was the price of Chinese billet, which saw a 3.8 percent increase to CNY 3,250 ($520.32) per metric ton. This comes on the heels of a 1.6 percent decline the week prior. At CNY 3,920 ($627.59) per metric ton, the week finished with no movement for Chinese HRC. Prices for Chinese coking coal remained constant, closing the week at CNY 1,700 ($272.17) per metric ton. 58% Indian iron ore fines low remained essentially flat from the previous week at CNY 840.00 ($134.48) per dry metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.48) and a low price of CNY 830.00 ($132.88) per dry metric ton.
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 spot price of the US HRC futures contract spiked 3.7 percent last week to $644.00 per short ton. The price of US shredded scrap rose 0.8 percent to $390.00 per short ton after falling 0.5 percent during the previous week. This past week, the US HRC futures contract 3-month price kept quiet, holding at at $640.00 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap prices ticked up 1.5 percent over the past week to KRW 330,000 ($306.69) per metric ton. Closing at KRW 705,000 ($650.43) per metric ton, 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.