Raw Steels MMI®: Korean Steel Scrap Down 6.0%

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The 3-month price of the US HRC futures contract finished as the week’s biggest mover on the weekly Raw Steels MMI® after dropping 0.3 percent and landing at $633.00 per short ton. The price of US shredded scrap rose 0.3 percent over the past week to $358.00 per short ton. This was the third week in a row of increasing prices. The US HRC futures contract spot price remained steady from the previous week at $645.00 per short ton.

Korean steel scrap dropped to KRW 315,000 ($295.86) per metric ton making it the biggest mover on the weekly Raw Steels MMI® this week, after drifting 6.0 percent. Following a steady week, prices for Korean pig iron closed flat at KRW 635,000 ($567.52) per metric ton.

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 ($137.65) and a low price of CNY 830.00 ($136.01) per dry metric ton. Chinese HRC prices held steady from the previous week at CNY 3,500 ($573.53) per metric ton. Closing at CNY 1,370 ($224.50) per metric ton, Chinese coking coal remained unchanged for the week. The price of Chinese slab rose 0.9 percent to CNY 3,520 ($576.81) per metric ton after falling 0.6 percent during the previous week.

The steel billet cash price rose 2.4 percent on the LME over the past week to $215.00 per metric ton. This was the fifth week in a row of increasing prices. The steel billet 3-month price saw a 2.1 percent drop this week on the LME, closing at $230.00 per metric ton.

Since last week, the price of the US HRC futures contract 3-month price fell to $633.00 per short ton after moving 0.3 percent. At $358.00 per short ton, the price of US shredded scrap finished the week 0.3 percent higher. Closing at $645.00 per short ton, the US HRC futures contract spot price remained unchanged for the 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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