The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw an 8.7 percent increase on the LME to $250.00 per metric ton. This comes on the heels of a 2.1 percent decline the week prior. At $205.00 per metric ton, the steel billet cash price finished the week down 2.4 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 ($135.18) and a low price of CNY 830.00 ($133.57) per dry metric ton. The price of Chinese HRC rose 0.3 percent to CNY 3,940 ($634.04) per metric ton after falling 3.0 percent during the previous week. Chinese coking coal prices held steady from the previous week at CNY 1,750 ($281.61) per metric ton. Chinese slab prices were off slightly at CNY 3,830 ($616.33) per metric ton, down from CNY 3,920 ($630.75) a week ago.
The 3-month price of the US HRC futures contract fell 2.4 percent for the week to settle at $620.00 per short ton. The price of US shredded scrap rose 1.0 percent this week, closing out the third week at $403.00 per short ton. The spot price of the US HRC futures contract declined to $609.00 per short ton after drifting 0.5 percent since last week.
Korean steel prices were mixed for the week. The price of Korean steel scrap fell 1.3 percent to KRW 385,000 ($350.38) per metric ton after rising 5.4 percent the week before. 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.