Chinese steel slab was the biggest mover on the weekly Raw Steels MMI®, thanks to yesterday’s 5.9 percent increase.
Chinese HRC prices climbed by just more than $20 per metric ton over the week. Chinese billet remained essentially flat from the previous week. Chinese coking coal prices held steady. The high and low prices of iron ore 58% fines from India kept from moving much, staying in a tight range.
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 percent the week before. 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.
Following a 1 percent increase in the week prior, the price of US shredded scrap fell 0.5 percent last 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.