Raw Steels MMI®: 3.0% Decline for Korean Steel Scrap

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Commodities, Metal Prices, Premium

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. At $364.00 per short ton, the week finished with no movement for US shredded scrap.

After falling 3.0 percent, Korean steel scrap landed at KRW 325,000 ($288.16) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Prices for Korean pig iron remained constant, closing the week at KRW 635,000 ($581.53) 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 ($136.89) and a low price of CNY 830.00 ($135.26) per dry metric ton. Chinese HRC fell 0.3 percent over the past week to CNY 3,430 ($558.97) per metric ton. Chinese coking coal traded sideways last week, hovering around CNY 1,410 ($229.78) per metric ton. Chinese slab prices held steady from the previous week at CNY 3,610 ($588.30) per metric ton.

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 spot price of the US HRC futures contract rose 2.6 percent over the past week to $603.00 per short ton. Following a 1.0 percent increase in the week prior, the 3-month price of the US HRC futures contract fell 0.2 percent last week to $605.00 per short ton. Following a steady week, prices for US shredded scrap closed flat at $364.00 per short 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.