The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 6.7 percent increase on the LME to $160.00 per metric ton. This comes on the heels of a 6.2 percent decline the week prior. Also on the LME, the cash price of steel billet remained steady from the previous week at $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 ($137.18) and a low price of CNY 830.00 ($135.54) per dry metric ton. The price of Chinese HRC fell 3.9 percent over the past week to CNY 3,440 ($561.77) per metric ton. This was the fourth week in a row of declining prices. The price of Chinese slab fell 0.8 percent over the past week to CNY 3,650 ($596.07) per metric ton. This was the fourth week in a row of declining prices. Prices for Chinese coking coal remained constant, closing the week at CNY 1,420 ($231.89) per metric ton.
Following a steady week, prices for US shredded scrap closed flat at $363.00 per short ton. This past week, the US HRC futures contract 3-month price kept quiet, holding at at $600.00 per short ton. Following a steady week, prices for the spot price of the US HRC futures contract closed flat at $578.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 335,000 ($300.22) per metric ton. Korean pig iron prices held steady 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.