Following a 5.1 percent on the LME decline to $280.00 per metric ton, the steel billet 3-month price finished as the week’s biggest mover on the weekly Raw Steels MMI®. The cash price of steel billet fell 0.4 percent on the LME for the week to settle at $279.00 per metric ton.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.65) and a low price of CNY 830.00 ($133.04) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 4,000 ($641.17) per metric ton. At CNY 1,650 ($264.48) per metric ton, the price of Chinese coking coal did not change since the previous week. Following a steady week, prices for Chinese slab closed flat at CNY 3,730 ($597.89) per metric ton.
The US HRC futures contract spot price shifted up 2.0 percent to close at $655.00 per short ton this week. US shredded scrap saw its price rise 1.0 percent over the past week to $391.00 per short ton. The US HRC futures contract 3-month price rose 0.8 percent to $655.00 per short ton after falling 0.8 percent during the previous week.
Korean steel prices were flat for the week. At KRW 340,000 ($316.63) per metric ton, the week finished with no movement for Korean steel scrap. Korean pig iron prices held steady from the previous week at KRW 705,000 ($650.43) per metric 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.