The biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 11.1 percent decline on the LME to $160.00 per metric ton. This week marked the third in a row of declining prices for the metal.
Closing out the third week of declining prices, the 3-month price of steel billet dropped by 5.1 percent on the LME, finishing at $185.00 per metric ton.
Chinese steel prices were mixed for the week. The high price of iron ore 58% fines from India remained above $135 per dry metric ton. The price of Chinese HRC rose 1.3 percent after falling 2.8 percent during the previous week. Chinese coking coal remained essentially flat from the previous week. Chinese slab remained unchanged for the week.
The US HRC futures contract 3-month price fell 1.0 percent to $614.00 per short ton after rising 0.3 percent the week before. Following a 0.7 percent increase in the week prior, the spot price of the US HRC futures contract fell 0.7 percent last week to $608.00 per short ton.
Korean steel prices were mixed for the week. Korean steel scrap prices were off slightly. Korean pig iron prices held steady 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.