Raw Steels MMI®: Korean Steel Scrap Rises 4.5% for the Week
The week’s biggest mover on the weekly Raw Steels MMI® was the price of Korean steel scrap, which saw a 4.5 percent increase to KRW 350,000 ($323.89) per metric ton. This comes on the heels of a 4.3 percent decline the week prior. Following a steady week, prices for Korean pig iron closed flat at KRW 635,000 ($587.64) per metric ton.
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 ($134.52) and a low price of CNY 830.00 ($132.91) per dry metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,790 ($286.65) per metric ton. Chinese slab prices ticked up 2.0 percent over the past week to CNY 4,040 ($646.96) per metric ton. The price of Chinese HRC increased by a slight 0.7 percent over the past week to CNY 4,250 ($680.59) per metric ton.
The steel billet 3-month price shifted up 1.8 percent on the LME to close at $290.00 per metric ton this week. The steel billet cash price fell 0.7 percent on the LME to $265.00 per metric ton after rising 0.8 percent the week before.
For the third week in a row, the price of US shredded scrap dropped, falling 0.8 percent to $374.00 per short ton. Following a 0.7 percent drop, the spot price of the US HRC futures contract finished the week at $611.00 per short ton. The 3-month price of the US HRC futures contract rose 0.5 percent to $640.00 per short ton after falling 0.5 percent during the previous 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.