The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 11.1 percent decline on the LME to $120.00 per metric ton. This comes on the heels of an 8.0 percent increase the week before. Following a 6.9 percent increase in the week prior, the steel billet 3-month price fell 3.2 percent on the LME last week to $150.00 per metric ton.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.97) and a low price of CNY 830.00 ($135.33) per dry metric ton. At CNY 3,450 ($562.54) per metric ton, the price of Chinese HRC did not change since the previous week. Closing at CNY 3,570 ($582.10) per metric ton, Chinese slab remained unchanged for the week. At CNY 1,390 ($226.65) per metric ton, the week finished with no movement for Chinese coking coal.
The US HRC futures contract spot price spiked 5.3 percent last week to $632.00 per short ton. The price of US shredded scrap increased by a slight 1.7 percent over the past week to $364.00 per short ton. Last week, the 3-month price of the US HRC futures contract increased by a slight 0.3 percent to $619.00 per short ton.
Korean steel prices were mixed for the week. The past week saw Korean steel scrap close at KRW 300,000 ($264.35) per metric ton after a 7.7 percent decline. Korean pig iron traded sideways last week, hovering around 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.