This past week, Korean pig iron dropped 12.4 percent on the weekly Raw Steels MMI®, landing at KRW 635,000 ($580.76) per metric ton as the week’s biggest mover. The price of Korean steel scrap decreased to KRW 335,000 ($306.38) per metric ton, a 4.3 percent decline from the previous week.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.76) and a low price of CNY 830.00 ($133.15) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 4,220 ($677.00) per metric ton. Closing at CNY 1,790 ($287.16) per metric ton, Chinese coking coal remained unchanged for the week. At CNY 3,960 ($635.29) per metric ton, the week finished with no movement for Chinese slab.
On the LME, the 3-month price of steel billet rose 5.6 percent last week to $285.00 per metric ton. Last week, the cash price of steel billet shifted slightly on the LME, rising by 0.8 percent to close at $267.00 per metric ton.
The spot price of the US HRC futures contract fell 2.8 percent to $615.00 per short ton after rising 1.4 percent the week before. After a 2.6 percent decline, US shredded scrap closed out the week at $377.00 per short ton. Following a 0.5 percent drop, the US HRC futures contract 3-month price finished the week at $637.00 per short 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.