Raw Steels MMI®: Week Closes 1.6% Down for Korean Steel Scrap

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The 3-month price of the US HRC futures contract saw the biggest increase on the weekly Raw Steels MMI® this week, rising 0.8 percent and settling at $655.00 per short ton. US shredded scrap remained essentially flat from the previous week at $357.00 per short ton. The spot price of the US HRC futures contract traded sideways last week, hovering around $651.00 per short ton.

Korean steel scrap saw a 1.6 percent decline this week, finishing at KRW 310,000 ($291.68) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. 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 ($137.92) and a low price of CNY 830.00 ($136.28) per dry metric ton. Chinese slab saw a 0.6 percent decline over the past week to CNY 3,480 ($571.38) per metric ton. Chinese HRC fell 0.9 percent over the past week to CNY 3,450 ($566.45) per metric ton. Closing at CNY 1,370 ($224.94) per metric ton, Chinese coking coal remained unchanged for the week.

This past week, the steel billet 3-month price kept quiet, holding at on the LME at $230.00 per metric ton. At $215.00 per metric ton, the cash price of steel billet remained essentially flat on the LME.

The 3-month price of the US HRC futures contract rose 0.8 percent over the past week to $655.00 per short ton. At $357.00 per short ton, the price of US shredded scrap did not change since the previous week. Following a steady week, prices for the US HRC futures contract spot price closed flat at $651.00 per short 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.

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