After falling 6.7 percent, the cash price of steel billet landed at $210.00 per metric ton on the LME, making it the week’s biggest mover on the weekly Raw Steels MMI®. With a 2.1 percent decrease on the LME, the steel billet 3-month price closed the week at $230.00 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 ($135.16) and a low price of CNY 830.00 ($133.55) per dry metric ton. For the third week in a row, the price of Chinese HRC dropped, falling 3.0 percent to CNY 3,930 ($632.36) per metric ton. After a 2.2 percent decline, Chinese coking coal closed out the week at CNY 1,750 ($281.59) per metric ton. Following a steady week, prices for Chinese slab closed flat at CNY 3,920 ($630.75) per metric ton.
US shredded scrap prices climbed to $399.00 per short ton, up from $375.00 a week ago. The spot price of the US HRC futures contract fell 0.8 percent to $612.00 per short ton after rising 1.1 percent the week before. This past week, the US HRC futures contract 3-month price kept quiet, holding at at $635.00 per short ton.
Korean steel prices were mixed for the week. The price of Korean steel scrap rose 5.4 percent over the past week to KRW 390,000 ($355.97) per metric ton. This was the fourth week in a row of increasing prices. Closing at KRW 635,000 ($587.64) per metric ton, Korean pig iron remained 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.