With a 5.9 percent increase over the past week, Chinese slab was the biggest mover on the weekly Raw Steels MMI®. Chinese HRC prices climbed to CNY 4,130 ($663.24) per metric ton, up from CNY 4,000 ($641.17) a week ago. Chinese billet remained essentially flat from the previous week at CNY 3,180 ($510.68) per metric ton. Chinese coking coal prices held steady from the previous week at CNY 1,650 ($264.98) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.90) and a low price of CNY 830.00 ($133.29) per dry metric ton.
The steel billet cash price fell 1.4 percent on the LME over the past week to $275.00 per metric ton. This was the fourth week in a row of declining prices. This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $280.00 per metric ton.
The spot price of the US HRC futures contract fell 1.5 percent to $645.00 per short ton after rising 2.0 percent the week before. Following a 1.0 percent increase in the week prior, the price of US shredded scrap fell 0.5 percent last week to $389.00 per short ton. The US HRC futures contract 3-month price fell 0.5 percent to $652.00 per short ton after rising 0.8 percent the week before.
Prices for Korean steel were up for the week. Korean steel scrap rose 2.9 percent over the past week to KRW 350,000 ($329.18) per metric ton. Korean pig iron saw its price rise 1.4 percent over the past week to KRW 715,000 ($672.57) 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.