Raw Steels MMI®: 3.0% Decline for Korean Steel Scrap
The US HRC futures contract spot price saw the largest increase this week on the weekly Raw Steels MMI®, rising 2.6 percent to settle at $603.00 per short ton. The US HRC futures contract 3-month price fell 0.2 percent to $605.00 per short ton after rising 1.0 percent the week before. US shredded scrap held steady for the week but has since fallen again.
Korean steel scrap prices fell 3.0 percent, making it the week’s biggest mover on the weekly Raw Steels MMI®. Prices for Korean pig iron remained constant.
Chinese steel prices were mixed for the week. Chinese HRC fell 0.3 percent over the past week. Chinese coking coal traded sideways last week. Chinese slab prices held steady from the previous week.
The steel billet 3-month price stayed essentially flat on the LME at $150.00 per metric ton. Following a steady week, prices for on the LME the cash price of steel billet closed flat at $130.00 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.
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