The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 1.4 percent decline on the LME to $138.00 per metric ton. This comes on the heels of a 27.3 percent increase the week before. This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $160.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.76) and a low price of CNY 830.00 ($135.13) per dry metric ton. Chinese HRC saw a 1.4 percent decline over the past week to CNY 3,630 ($591.00) per metric ton. Prices for Chinese coking coal remained constant, closing the week at CNY 1,420 ($231.19) per metric ton. After a 0.5 percent decline, Chinese slab closed out the week at CNY 3,710 ($604.02) per metric ton.
The US HRC futures contract spot price saw a 1.2 percent drop this week, closing at $583.00 per short ton. The price of US shredded scrap fell 0.3 percent over the past week to $375.00 per short ton. This was the fourth week in a row of declining prices. At $607.00 per short ton, the US HRC futures contract 3-month price remained essentially flat.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 335,000 ($306.79) per metric ton. At KRW 635,000 ($581.53) per metric ton, the price of Korean pig iron did not change since 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.