Weekly Steel, Raw Material Price Index: Billet Flops, Iron Ore Up

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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 7.9 percent decline on the LME to $175.00 per metric ton. This comes on the heels of a 18.8 percent increase the week before. The steel billet cash price closed last week at $150.00 per metric ton on the LME after a 3.4 percent rise in its price.

Meanwhile, Chinese steel prices were mixed for the week. The high price of iron ore 58% fines from India inched up a slight bit.

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The price of Chinese HRC fell 0.5 percent after rising 1.1 percent the week before. The week finished with no movement for Chinese coking coal. Chinese slab saw a 1.6 percent decline over the past week.

Following a 0.8 percent drop, the US HRC futures contract 3-month price finished the week at $623.00 per short ton. The US HRC futures contract spot price closed last week at $642.00 per short ton, after a 0.5 percent drop. US shredded scrap traded sideways last week.

Korean steel prices were flat for the week. Korean steel scrap remained unchanged, while Korean pig iron prices held steady.

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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.