The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 9.3 percent increase on the LME to $235.00 per metric ton. Last week, the steel billet 3-month price increased by a slight 2.2 percent on the LME to $235.00 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 ($137.73) and a low price of CNY 830.00 ($136.09) per dry metric ton. The price of Chinese slab rose 1.1 percent to CNY 3,520 ($577.16) per metric ton after falling 0.6 percent during the previous week. The price of Chinese HRC rose 0.3 percent to CNY 3,460 ($567.32) per metric ton after falling 0.9 percent during the previous week. Prices for Chinese coking coal remained constant, closing the week at CNY 1,370 ($224.63) per metric ton.
The US HRC futures contract 3-month price fell 1.5 percent to $645.00 per short ton after rising 0.8 percent the week before. The spot price of the US HRC futures contract shifted up 1.4 percent to close at $660.00 per short ton this week. US shredded scrap gained a slight 0.3 percent this past week, finishing at $358.00 per short ton.
Korean steel prices were mixed for the week. The price of Korean steel scrap rose 1.6 percent to KRW 315,000 ($296.74) per metric ton after falling 1.6 percent during the previous week. Korean pig iron prices held steady from the previous week 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.