The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 16.0 percent decline on the LME to $210.00 per metric ton. This comes on the heels of a 8.7 percent increase the week before. The cash price of steel billet fell 4.9 percent on the LME over the past week to $195.00 per metric ton. This was the fourth week in a row of declining prices.
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 ($135.21) and a low price of CNY 830.00 ($133.60) per dry metric ton. The price of Chinese slab rose 0.3 percent to CNY 3,840 ($618.12) per metric ton after falling 2.3 percent during the previous week. At CNY 3,940 ($634.22) per metric ton, the price of Chinese HRC did not change since the previous week. The price of Chinese coking coal declined 2.9 percent over the past week, settling at CNY 1,700 ($273.65) per metric ton.
The US HRC futures contract 3-month price fell 0.3 percent over the past week to $618.00 per short ton. This was the fourth week in a row of declining prices. The spot price of the US HRC futures contract fell 0.2 percent over the past week to $608.00 per short ton. This was the third week in a row of declining prices. US shredded scrap traded sideways last week, hovering around $403.00 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap prices were off slightly at KRW 375,000 ($335.91) per metric ton, down from KRW 385,000 ($350.38) a week ago. 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.