The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 12.5 percent increase on the LME to $135.00 per metric ton. This comes on the heels of a 11.1 percent decline the week prior. The 3-month price of steel billet rose 10.0 percent on the LME to $165.00 per metric ton after falling 3.2 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 ($137.02) and a low price of CNY 830.00 ($135.39) per dry metric ton. Chinese HRC rose 2.9 percent over the past week to CNY 3,550 ($579.09) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,390 ($226.74) per metric ton. The price of Chinese slab increased by a slight 0.6 percent over the past week to CNY 3,590 ($585.61) per metric ton.
The US HRC futures contract spot price settled at $635.00 per short ton this week after shifting up 0.5 percent. The US HRC futures contract 3-month price fell 0.3 percent to $617.00 per short ton after rising 0.3 percent the week before. US shredded scrap traded sideways last week, hovering around $364.00 per short ton.
Korean steel prices were flat for the week. At KRW 300,000 ($261.30) per metric ton, the week finished with no movement for Korean steel scrap. Prices for Korean pig iron remained constant, closing the 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.