Raw Steels MMI®: 2.9% Decline for Korean Steel Scrap

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The week’s biggest mover on the weekly Raw Steels MMI® was the US HRC futures contract 3-month price, which saw a 0.5 percent decline to $625.00 per short ton. This comes on the heels of a 0.8 percent increase the week before. US shredded scrap fell 0.3 percent over the past week to $354.00 per short ton. Last week, the US HRC futures contract spot price shifted slightly, rising by 0.2 percent to close at $643.00 per short ton.

Korean steel scrap saw a 2.9 percent decline this week, finishing at KRW 335,000 ($309.72) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Closing at KRW 635,000 ($567.52) per metric ton, Korean pig iron remained unchanged for the week.

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 ($137.24) and a low price of CNY 830.00 ($135.61) per dry metric ton. Closing out the third week of declining prices, the price of Chinese slab dropped by 0.6 percent, finishing at CNY 3,530 ($576.75) per metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,540 ($578.38) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,370 ($223.84) per metric ton.

Following a 34.3 percent increase in the week prior, the 3-month price of steel billet fell 2.1 percent on the LME last week to $230.00 per metric ton. At $200.00 per metric ton, the steel billet cash price finished the week 0.5 percent higher on the LME.

The 3-month price of the US HRC futures contract fell 0.5 percent to $625.00 per short ton after rising 0.8 percent the week before. US shredded scrap saw a 0.3 percent decline over the past week to $354.00 per short ton. The spot price of the US HRC futures contract shifted up 0.2 percent to close at $643.00 per short ton this week.

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.

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