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 didn’t move much this week. Prices for Chinese slab remained constant. Chinese HRC prices were off slightly, down about $15 or so per metric ton from a week ago. The local market price 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.
Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week. Korean pig iron remained essentially flat from the previous 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.