The week’s 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 hit a high price of CNY 840.00 ($136.45) and a low price of CNY 830.00 ($134.82) per dry metric ton. Chinese HRC weakened by 3.2 percent to land at CNY 3,680 ($597.77) per metric ton. Chinese coking coal finished the week at CNY 1,420 ($230.66) per metric ton after falling 4.7 percent. Chinese slab prices were off slightly at CNY 3,730 ($605.89) per metric ton, down from CNY 3,770 ($611.28) a week ago.
The price of US shredded scrap fell 1.6 percent over the past week to $376.00 per short ton. 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, settling at KRW 335,000 ($307.23) per metric ton. Korean pig iron traded sideways last week, hovering around KRW 635,000 ($582.37) 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.