The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 34.3 percent increase on the LME to $235.00 per metric ton. This comes on the heels of a 7.9 percent decline the week prior. The steel billet cash price closed last week at $199.00 per metric ton on the LME after a 32.7 percent rise in its price.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.22) and a low price of CNY 830.00 ($135.59) per dry metric ton. The price of Chinese slab declined 2.5 percent over the past week, settling at CNY 3,550 ($579.92) per metric ton. The price of Chinese HRC fell 2.2 percent over the past week to CNY 3,540 ($578.29) per metric ton. This was the fourth week in a row of declining prices. Prices for Chinese coking coal remained constant, closing the week at CNY 1,370 ($223.80) per metric ton.
After a 2.2 percent decline, US shredded scrap closed out the week at $355.00 per short ton. The 3-month price of the US HRC futures contract rose 0.8 percent to $628.00 per short ton after falling 0.8 percent during the previous week. The spot price of the US HRC futures contract closed at $642.00 per short ton after a flat week.
Korean steel prices were mixed for the week. The price of Korean steel scrap declined 2.8 percent over the past week, settling at KRW 345,000 ($317.61) per metric ton. At KRW 635,000 ($567.52) per metric ton, the week finished with no movement for Korean pig iron.
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.