The biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 27.3 percent increase on the LME to $140.00 per metric ton. This comes on the heels of a 24.1 percent decline the week prior. The steel billet 3-month price rose 23.1 percent on the LME to $160.00 per metric ton after falling 23.5 percent during the previous week.
Chinese steel prices were down for the week. The price of iron ore 58% fines from India remained rangebound. Chinese HRC weakened by 3.2 percent. Chinese coking coal finished the week after falling 4.7 percent. Chinese slab prices were off slightly, down a few dollars per metric ton from a week ago.
The price of US shredded scrap fell 1.6 percent over the past week. This was the fourth week in a row of declining prices. Since last week, the price of the US HRC futures contract spot price fell to $590.00 per short ton after moving 1.3 percent. At $607.00 per short ton, the US HRC futures contract 3-month price remained essentially flat.
Korean steel prices were mixed for the week. The price of Korean steel scrap declined 2.9 percent over the past week. Korean pig iron traded sideways last 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.