The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 6.5 percent decline on the LME to $145.00 per metric ton. This comes on the heels of a 19.2 percent increase the week before. The steel billet cash price fell 4.0 percent on the LME to $120.00 per metric ton after rising 8.7 percent the week before.
The US HRC futures contract 3-month price rose 1.8 percent to $616.00 per short ton after falling 0.8 percent during the previous week. The US HRC futures contract spot price ticked up 0.9 percent over the past week to $642.00 per short ton. Following a 0.3 percent increase in the week prior, the price of US shredded scrap fell 0.8 percent last week.
Chinese HRC and slab steel prices were flat for the week. The price of iron ore 58% fines from India hovered slightly above its recent range. Following a steady week, prices for Chinese coking coal closed flat.
Korean steel scrap and pig iron prices were flat for the week.
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.