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.
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.
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.