The 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 prices of iron ore 58% fines from India remained below $135 per dry metric ton. The price of Chinese HRC rose 1 percent over the past week. This was the third week in a row of increasing prices. Chinese coking coal prices held steady from the previous 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.
Korean steel scrap traded sideways last week. Korean pig iron remained also 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.