The biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 6.7 percent decline on the LME to $280.00 per metric ton. This comes on the heels of a 3.4 percent increase the week before.
The high price of iron ore 58% fines from India inched closer to $135 per dry metric ton. Following a 2 percent increase, Chinese HRC finished the week up. The week finished with no movement for Chinese coking coal. Chinese slab prices ticked up 0.5 percent over the past week.
The price of US shredded scrap fell 0.8 percent after rising 0.8 percent the week before.
A 2.3 percent gain landed the 3-month price of the US HRC futures contract at $655.00 per short ton. Following a 3.7 percent increase in the week prior, the US HRC futures contract spot price fell 0.3 percent last week to $642.00 per short ton.
Korean steel scrap and pig iron prices were flat 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.