The biggest mover this week on the LME was the 3-month price of steel billet with a 6.2 percent fall on the weekly Raw Steels MMI® to close the week at $150.00 per metric ton. The steel billet cash price saw a 5.8 percent drop-off this week on the LME to $130.00 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 ($136.86) and a low price of CNY 830.00 ($135.23) per dry metric ton. Closing out the third week of declining prices, the price of Chinese HRC dropped by 1.4 percent, finishing at CNY 3,580 ($583.29) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,420 ($231.36) per metric ton. For the third week in a row, the price of Chinese slab dropped, falling 0.8 percent to CNY 3,680 ($599.58) per metric ton.
The price of US shredded scrap fell 3.2 percent over the past week to $363.00 per short ton. This was the fourth week in a row of declining prices. With a 1.2 percent decrease, the 3-month price of the US HRC futures contract closed the week at $600.00 per short ton. The US HRC futures contract spot price fell 0.9 percent over the past week to $578.00 per short ton. This was the third week in a row of declining prices.
Korean steel prices were flat for the week. Closing at KRW 335,000 ($300.22) per metric ton, Korean steel scrap remained unchanged for the week. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($581.53) 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.