The week’s 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 price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.38) and a low price of CNY 830.00 ($133.77) per dry metric ton. The price of Chinese HRC rose 1.3 percent to CNY 3,880 ($625.34) per metric ton after falling 2.8 percent during the previous week. Chinese coking coal remained essentially flat from the previous week at CNY 1,700 ($273.99) per metric ton. Closing at CNY 3,840 ($618.89) per metric ton, 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. US shredded scrap saw a 0.7 percent decline over the past week to $400.00 per short ton. 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 at KRW 365,000 ($321.55) per metric ton, down from KRW 375,000 ($336.85) a week ago. Korean pig iron prices held steady 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.