Chinese coking coal saw a 3.9 percent decline this week, finishing at CNY 1,490 ($241.08) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Chinese slab saw a 1.0 percent decline over the past week to CNY 3,770 ($609.98) per metric ton. At CNY 3,230 ($522.61) per metric ton, the price of Chinese billet finished the week down 0.6 percent. The price of Chinese HRC rose 0.5 percent to CNY 3,800 ($614.83) per metric ton after falling 2.6 percent during the previous week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.91) and a low price of CNY 830.00 ($134.29) per dry metric ton.
Following a steady week, prices for on the LME the steel billet 3-month price closed flat at $170.00 per metric ton. The cash price of steel billet stayed essentially flat on the LME at $145.00 per metric ton.
Closing out the third week of declining prices, the price of US shredded scrap dropped by 1.5 percent, finishing at $383.00 per short ton. The US HRC futures contract spot price rose 0.5 percent to $598.00 per short ton after falling 2.1 percent during the previous week. With a 0.2 percent decrease, the 3-month price of the US HRC futures contract closed the week at $601.00 per short ton.
Korean steel prices were mixed for the week. The price of Korean steel scrap dropped 2.8 percent this week, closing out the third consecutive week of falling prices at KRW 345,000 ($308.10) per metric ton. The price of Korean pig iron rose 1.6 percent to KRW 635,000 ($567.08) per metric ton after falling 1.6 percent during 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.