The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 24.1 percent decline on the LME to $110.00 per metric ton. The 3-month price of steel billet fell 23.5 percent on the LME over the past week, settling at $130.00 per metric ton.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.20) and a low price of CNY 830.00 ($134.58) per dry metric ton. At CNY 3,800 ($616.14) per metric ton, the week finished with no movement for Chinese HRC. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,490 ($241.59) per metric ton. Chinese slab prices held steady from the previous week at CNY 3,770 ($611.28) per metric ton.
The 3-month price of the US HRC futures contract rose 1.0 percent to $607.00 per short ton after falling 0.2 percent during the previous week. For the third week in a row, the price of US shredded scrap dropped, falling 0.3 percent to $382.00 per short ton. Closing at $598.00 per short ton, the spot price of the US HRC futures contract remained unchanged for the week.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 345,000 ($313.32) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 635,000 ($576.69) 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.