LME Steel Billet 3-Month Price Drops Big on Weekly Price Index

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The biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 11.3 percent decline on the LME to $235.00 per metric ton. At $225.00 per metric ton, the cash price of steel billet finished the week down 8.2 percent on the LME.

today's metal prices - MetalMiner IndXChinese steel prices were mixed for the week. The price of iron ore 58% fines from India were pretty rangebound for the week. Chinese HRC fell 1.7 percent over the past week. Chinese coking coal remained essentially flat from the previous week. After a 1.3 percent decline, Chinese slab closed out the week down.

The spot price of the US HRC futures contract rose 1.1 percent to $617.00 per short ton after falling 0.2 percent during the previous week. Since last week, the price of the 3-month price of the US HRC futures contract fell to $635.00 per short ton after moving 0.5 percent.

US shredded scrap rose by a slight 0.3 percent.

The price of Korean steel scrap rose 2.8 percent over the past week. This was the third week in a row of increasing prices. Meanwhile, Korean pig iron traded sideways.

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.