The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 7.8 percent decline on the LME to $260.00 per metric ton. This comes on the heels of a 0.7 percent increase the week before. The 3-month price of steel billet fell to $265.00 per metric ton on the LME, a 7.0 percent change from the prior week.
Chinese steel prices were mixed for the week. 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 price of Chinese slab rose 1.0 percent to CNY 3,950 ($634.33) per metric ton after falling 0.5 percent during the previous week. Closing out the third week of rising prices, the price of Chinese HRC increased by 1.0 percent, landing at CNY 4,180 ($671.27) per metric ton. Chinese coking coal traded sideways last week, hovering around CNY 1,790 ($287.46) per metric ton.
For the third week in a row, the spot price of the US HRC futures contract dropped, falling 1.4 percent to $624.00 per short ton. The 3-month price of the US HRC futures contract rose 0.5 percent to $648.00 per short ton after falling 0.8 percent during the previous week. At $390.00 per short ton, the week finished with no movement for US shredded scrap.
Korean steel prices were mixed for the week. The price of Korean steel scrap fell 4.1 percent to KRW 350,000 ($325.88) per metric ton after rising 4.3 percent the week before. Prices for Korean pig iron remained constant, closing the week at KRW 725,000 ($675.05) 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.