The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 4.8 percent increase on the LME to $209.50 per metric ton. Last week marked the fourth in a row of rising prices for the metal. The 3-month price of steel billet rose 2.2 percent on the LME to $235.00 per metric ton after falling 2.1 percent during the previous 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 ($137.26) and a low price of CNY 830.00 ($135.62) per dry metric ton. Chinese HRC prices were off slightly at CNY 3,500 ($571.90) per metric ton, down from CNY 3,540 ($578.38) a week ago. At CNY 1,370 ($223.86) per metric ton, the price of Chinese coking coal did not change since the previous week. The price of Chinese slab fell 0.6 percent over the past week to CNY 3,510 ($573.53) per metric ton. This was the fourth week in a row of declining prices.
The 3-month price of the US HRC futures contract rose 1.6 percent to $635.00 per short ton after falling 0.5 percent during the previous week. The US HRC futures contract spot price fell 1.2 percent to $635.00 per short ton after rising 0.2 percent the week before. The price of US shredded scrap rose 0.6 percent to $356.00 per short ton after falling 0.3 percent during the previous week.
Korean steel prices were flat for the week. Korean steel scrap remained essentially flat from the previous week at KRW 335,000 ($311.74) per metric ton. Following a steady week, prices for Korean pig iron closed flat at KRW 635,000 ($567.52) per metric ton.
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.