The cash price of steel billet finished as the week’s biggest mover on the weekly Raw Steels MMI® after dropping 3.8 percent on the LME and landing at $125.00 per metric ton. This week, the steel billet 3-month price finished at $145.00 per metric ton on the LME after falling 3.3 percent.
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. The price of Chinese HRC rose 0.6 percent to CNY 3,450 ($562.81) per metric ton after falling 0.3 percent during the previous week. At CNY 1,410 ($230.02) per metric ton, the price of Chinese coking coal did not change since the previous week. Chinese slab fell 0.6 percent over the past week to CNY 3,590 ($585.64) per metric ton.
After a 1.6 percent decline, US shredded scrap closed out the week at $358.00 per short ton. Following a 2.6 percent increase in the week prior, the spot price of the US HRC futures contract fell 0.5 percent last week to $600.00 per short ton. The 3-month price of the US HRC futures contract stayed essentially flat at $605.00 per short ton.
Korean steel prices were flat for the week. Closing at KRW 325,000 ($288.16) per metric ton, Korean steel scrap remained unchanged for the week. 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.