Steel Scrap Price in Korea Skyrockets on Weekly Index

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Korean steel scrap improved by a whopping 10.9 percent on the weekly Raw Steels MMI®. US shredded scrap, for its part, kept steady.

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China, the US Still Producing Steel

According to reports, “global crude steel production trudged higher in July as gains in the U.S. and China capped lower volumes across some of the key global markets, according to a World Steel Association (“WSA”) report. The international trade body for the iron and steel industry said that crude steel output for 64 reporting nations moved up 2.7% year over year in July to touch 132 million tons (Mt). This compares favorably with a 1.9% rise in June.”

That includes rises in Asian steel markets as well as in the U.S.

More Steel and Raw Materials Prices

Korean pig iron prices held steady from the previous week.

The China price of iron ore 58% fines from India remained rather rangebound. Chinese HRC saw a 1.4 percent decline over the past week. Chinese slab remained essentially flat from the previous week. Chinese coking coal remained unchanged for the week.

On the LME, the 3-month price of steel billet traded sideways last week, hovering around $160.00 per metric ton. At $140.00 per metric ton, the cash price of steel billet remained essentially flat on the LME.

The 3-month price of the US HRC futures contract remained steady from the previous week at $631.00 per short ton. The spot price of the US HRC futures contract stayed essentially flat at $648.00 per short ton.

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