US Shredded Scrap Price Falls on Weekly Steel Index

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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.

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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.

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