Raw Steels MMI®: Steel Billet Cash Price Falls 29.6% for the Week

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The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 29.6 percent decline on the LME to $95.00 per metric ton. This comes on the heels of a 12.5 percent increase the week before. The steel billet 3-month price fell 27.3 percent on the LME to $120.00 per metric ton after rising 10.0 percent the week before.

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 ($135.85) and a low price of CNY 830.00 ($134.23) per dry metric ton. Following a 1.1 percent increase, Chinese HRC finished the week at CNY 3,590 ($580.58) per metric ton. Chinese coking coal fell 1.4 percent over the past week to CNY 1,370 ($221.56) per metric ton. Chinese slab prices ticked up 0.8 percent over the past week to CNY 3,620 ($585.43) per metric ton.

US shredded scrap saw its price rise 1.4 percent over the past week to $369.00 per short ton. The 3-month price of the US HRC futures contract fell 1.1 percent last week, settling at $610.00 per short ton. The US HRC futures contract spot price remained steady from the previous week at $635.00 per short ton.

Korean steel prices were flat for the week. Closing at KRW 300,000 ($261.30) per metric ton, Korean steel scrap remained unchanged for the week. At KRW 635,000 ($581.53) per metric ton, the week finished with no movement for Korean pig iron.

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.