The week’s 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.
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 ($134.95) and a low price of CNY 830.00 ($133.35) per dry metric ton. Chinese HRC fell 1.7 percent over the past week to CNY 4,050 ($650.66) per metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,790 ($287.58) per metric ton. After a 1.3 percent decline, Chinese slab closed out the week at CNY 3,920 ($629.78) per metric ton.
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. Closing at $375.00 per short ton for the week, US shredded scrap rose by a slight 0.3 percent.
Korean steel prices were mixed for the week. The price of Korean steel scrap rose 2.8 percent over the past week to KRW 370,000 ($340.35) per metric ton. This was the third week in a row of increasing prices. Korean pig iron traded sideways last week, hovering around KRW 635,000 ($587.64) per metric 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.