The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw an 8.0 percent increase on the LME to $135.00 per metric ton. This comes on the heels of a 3.8 percent decline the week prior. The 3-month price of steel billet rose 6.9 percent on the LME to $155.00 per metric ton after falling 3.3 percent during the previous week.
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 ($136.67) and a low price of CNY 830.00 ($135.04) per dry metric ton. At CNY 3,450 ($561.30) per metric ton, the week finished with no movement for Chinese HRC. After a 1.4 percent decline, Chinese coking coal closed out the week at CNY 1,390 ($226.15) per metric ton. Chinese slab fell 0.6 percent over the past week to CNY 3,570 ($580.83) per metric ton.
A 2.0 percent gain landed the US HRC futures contract 3-month price at $617.00 per short ton. US shredded scrap remained essentially flat from the previous week at $358.00 per short ton. Closing at $600.00 per short ton, the US HRC futures contract spot price remained unchanged for the week.
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.