The week’s 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. Following a 3.4 percent increase in the week prior, the 3-month price of steel billet fell 1.6 percent on the LME last week to $300.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.67) and a low price of CNY 830.00 ($133.07) per dry metric ton. Following a 2.0 percent increase, Chinese HRC finished the week at CNY 4,000 ($641.30) per metric ton. At CNY 1,700 ($272.55) per metric ton, the week finished with no movement for Chinese coking coal. Chinese slab prices ticked up 0.5 percent over the past week to CNY 3,730 ($598.02) per metric ton.
A 2.3 percent gain landed the 3-month price of the US HRC futures contract at $655.00 per short ton. The price of US shredded scrap fell 0.8 percent to $387.00 per short ton after rising 0.8 percent the week before. 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 prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat at KRW 330,000 ($307.26) 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.