Amazingly, the past week’s biggest mover on the Raw Steels MMI® was Chinese coking coal, which saw an 8.5 percent increase.
The transactional price point for the raw material input crucial to the BOF the steelmaking process hadn’t moved in Chinese local markets this much in a while. The daily price began moving up on Jan. 14, and has continued to rise.
However, that didn’t have an immediate effect on daily Chinese steel prices on MetalMiner’s steel price index. The price of Chinese slab fell 0.5 percent after rising 5.9 percent the week before. The week finished with no movement for Chinese HRC. Following a steady week, prices for Chinese billet closed flat. The price of iron ore 58% fines from India breached the $135 level.
The cash price of steel billet rose 1.8 percent on the LME to $280.00 per metric ton after falling 1.4 percent during the previous week. The 3-month price of steel billet settled at $285.00 per metric ton this week after shifting up 1.8 percent on the LME.
The spot price of the US HRC futures contract closed last week at $635.00 per short ton, after a 1.6 percent drop. The 3-month price of the US HRC futures contract fell 0.3 percent last week, settling at $650.00 per short ton.
The price of US shredded scrap did not change since the previous week.
Korean steel scrap and pig iron prices were flat for the week as well.
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.