Raw Steels MMI®: Chinese Billet Week Closes With 6.6% Rise

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A 6.6 percent improvement on the weekly Raw Steels MMI® made Chinese billet the week’s biggest mover, closing at CNY 3,390 ($544.67) per metric ton. After a 0.5 percent decline, Chinese slab closed out the week at CNY 3,910 ($628.22) per metric ton. Chinese HRC rose 0.2 percent over the past week to CNY 4,140 ($665.17) per metric ton. Chinese coking coal traded sideways last week, hovering around CNY 1,790 ($287.60) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.96) and a low price of CNY 830.00 ($133.36) per dry metric ton.

Last week, the cash price of steel billet shifted slightly on the LME, rising by 0.7 percent to close at $282.00 per metric ton. Closing at $285.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week.

The 3-month price of the US HRC futures contract fell 0.8 percent for the week to settle at $645.00 per short ton. Since last week, the price of the US HRC futures contract spot price fell to $633.00 per short ton after moving 0.3 percent. In the past week, US shredded scrap saw its price shift up 0.3 percent to $390.00 per short ton.

Korean steel prices were up for the week. In the past week, the price of Korean steel scrap shot up 4.3 percent to KRW 365,000 ($344.90) per metric ton. Korean pig iron prices ticked up 1.4 percent over the past week to KRW 725,000 ($685.07) 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.

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