The week’s biggest mover on the weekly Raw Steels MMI® was Korean steel scrap, which saw a 3.0 percent increase to KRW 340,000 ($316.63) per metric ton. Following a steady week, prices for Korean pig iron closed flat at KRW 705,000 ($650.43) 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 ($134.72) and a low price of CNY 830.00 ($133.11) per dry metric ton. Closing at CNY 4,000 ($641.51) per metric ton, Chinese HRC remained unchanged for the week. Chinese coking coal saw a 2.9 percent decline over the past week to CNY 1,650 ($264.62) per metric ton. At CNY 3,730 ($598.21) per metric ton, the price of Chinese slab did not change since the previous week.
For the third week in a row, the 3-month price of steel billet dropped, falling 1.7 percent on the LME to $295.00 per metric ton. Following a steady week, prices for on the LME the steel billet cash price closed flat at $280.00 per metric ton.
The 3-month price of the US HRC futures contract fell 0.8 percent to $650.00 per short ton after rising 2.3 percent the week before. US shredded scrap prices held steady from the previous week at $387.00 per short ton. The US HRC futures contract spot price remained steady from the previous week at $642.00 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.