The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 1.9 percent increase on the LME to $265.00 per metric ton. This comes on the heels of a 7.8 percent decline the week prior. The steel billet 3-month price rose 1.9 percent on the LME to $270.00 per metric ton after falling 7.0 percent during the previous 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 ($134.86) and a low price of CNY 830.00 ($133.25) per dry metric ton. The price of Chinese HRC rose 1.0 percent over the past week to CNY 4,220 ($677.49) per metric ton. This was the third week in a row of increasing prices. Chinese coking coal prices held steady from the previous week at CNY 1,790 ($287.37) per metric ton. Closing at CNY 3,960 ($635.75) per metric ton for the week, Chinese slab rose by a slight 0.3 percent.
The US HRC futures contract spot price rose 1.4 percent to $633.00 per short ton after falling 1.4 percent during the previous week. Following a 0.5 percent increase in the week prior, the US HRC futures contract 3-month price fell 1.2 percent last week to $640.00 per short ton. The price of US shredded scrap declined 0.8 percent over the past week, settling at $387.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 350,000 ($325.88) per metric ton. Closing at KRW 725,000 ($675.05) per metric ton, Korean pig iron remained unchanged for the 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.