Raw Steels MMI®: Cash Price of Steel Billet Rises 21.1% 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 21.1 percent increase on the LME to $115.00 per metric ton. This comes on the heels of a 29.6 percent decline the week prior. The steel billet 3-month price rose 8.3 percent on the LME to $130.00 per metric ton after falling 27.3 percent during the previous week.

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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 ($136.89) and a low price of CNY 830.00 ($135.26) per dry metric ton. At CNY 3,630 ($591.56) per metric ton, the price of Chinese HRC finished the week 1.1 percent higher. Prices for Chinese coking coal remained constant, closing the week at CNY 1,370 ($223.26) per metric ton. The price of Chinese slab rose 0.6 percent over the past week to CNY 3,640 ($593.19) per metric ton. This was the third week in a row of increasing prices.

US shredded scrap prices ticked up 2.2 percent over the past week to $377.00 per short ton. At $610.00 per short ton, the US HRC futures contract 3-month price remained essentially flat. This past week, the spot price of the US HRC futures contract kept quiet, holding at at $635.00 per short ton.

Korean steel prices were mixed for the week. With a 6.7 percent climb, Korean steel scrap claimed the week’s largest gain, settling at KRW 320,000 ($285.99) per metric ton. Following a steady week, prices for Korean pig iron closed flat at KRW 635,000 ($567.52) 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.