The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 6.2 percent decline on the LME to $150.00 per metric ton. This comes on the heels of a 6.7 percent increase the week before. At $130.00 per metric ton, the steel billet cash price remained essentially flat on the LME.
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 ($137.03) and a low price of CNY 830.00 ($135.40) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,440 ($561.19) per metric ton. The price of Chinese coking coal declined 0.7 percent over the past week, settling at CNY 1,410 ($230.02) per metric ton. The price of Chinese slab fell 1.1 percent over the past week to CNY 3,610 ($588.92) per metric ton. This was the third week in a row of declining prices.
A 1.7 percent gain landed the spot price of the US HRC futures contract at $588.00 per short ton. Last week, the US HRC futures contract 3-month price shifted slightly, rising by 1.0 percent to close at $606.00 per short ton. In the past week, US shredded scrap saw its price shift up 0.3 percent to $364.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 335,000 ($297.10) 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.