Closing at $180.00 per metric ton on the weekly Raw Steels MMI®, the steel billet cash price finished as the week’s biggest mover with a 7.7 percent decline on the LME. This week, the 3-month price of steel billet finished at $195.00 per metric ton on the LME after falling 7.1 percent.
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 ($135.48) and a low price of CNY 830.00 ($133.87) per dry metric ton. Prices for Chinese slab remained constant, closing the week at CNY 3,840 ($619.34) per metric ton. Chinese HRC prices were off slightly at CNY 3,830 ($617.73) per metric ton, down from CNY 3,940 ($634.22) a week ago. At CNY 1,700 ($274.19) per metric ton, the week finished with no movement for Chinese coking coal.
The spot price of the US HRC futures contract rose 0.7 percent to $612.00 per short ton after falling 0.2 percent during the previous week. The US HRC futures contract 3-month price rose 0.3 percent to $620.00 per short ton after falling 0.3 percent during the previous week. Following a steady week, prices for US shredded scrap closed flat at $403.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week at KRW 375,000 ($336.85) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($570.40) 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.