The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 9.4 percent decline on the LME to $145.00 per metric ton. Last week marked the fourth in a row of declining prices for the metal. The 3-month price of steel billet fell 8.1 percent on the LME over the past week to $170.00 per metric ton. This was the fourth week in a row of declining prices.
Chinese steel prices were down for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.82) and a low price of CNY 830.00 ($134.20) per dry metric ton. The price of Chinese HRC fell 2.6 percent to CNY 3,780 ($611.18) per metric ton after rising 1.3 percent the week before. Chinese coking coal weakened by 8.8 percent to land at CNY 1,550 ($250.61) per metric ton. Chinese slab saw a 0.8 percent decline over the past week to CNY 3,810 ($616.03) per metric ton.
US shredded scrap fell 2.8 percent over the past week to $389.00 per short ton. The spot price of the US HRC futures contract declined to $595.00 per short ton after drifting 2.1 percent since last week. Closing out the third week of declining prices, the 3-month price of the US HRC futures contract dropped by 2.0 percent, finishing at $602.00 per short ton.
Korean steel prices were down for the week. After a 2.7 percent decline, Korean steel scrap closed out the week at KRW 355,000 ($316.57) per metric ton. The price of Korean pig iron declined 1.6 percent over the past week, settling at KRW 625,000 ($557.34) 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.