The week’s biggest mover on the weekly Raw Steels MMI® was Chinese coking coal, which saw an 8.5 percent increase to CNY 1,790 ($288.04) per metric ton. The price of Chinese slab fell 0.5 percent to CNY 3,930 ($632.40) per metric ton after rising 5.9 percent the week before. At CNY 4,130 ($664.59) per metric ton, the week finished with no movement for Chinese HRC. Following a steady week, prices for Chinese billet closed flat at CNY 3,180 ($511.71) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.17) and a low price of CNY 830.00 ($133.56) per dry metric ton.
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. At $389.00 per short ton, the price of US shredded scrap did not change since the previous week.
Korean steel prices were flat for the week. Closing at KRW 350,000 ($329.99) per metric ton, Korean steel scrap remained unchanged for the week. Prices for Korean pig iron remained constant, closing the week at KRW 715,000 ($674.11) 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.