The week’s biggest mover on the weekly Raw Steels MMI® was the price of US shredded scrap, which saw a 4.3 percent increase to $385.00 per short ton. This week marked the third in a row of rising prices for the metal. Closing out the fifth week of rising prices, the spot price of the US HRC futures contract gained 0.5 percent, finishing at $668.00 per short ton. The 3-month price of the US HRC futures contract traded sideways last week, hovering around $655.00 per short ton.
Closing at KRW 345,000 ($326.89) per metric ton on the weekly Raw Steels MMI®, Korean steel scrap rose 9.5 percent to finish as the week’s biggest mover. 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 ($137.84) and a low price of CNY 830.00 ($136.20) per dry metric ton. Following a 2.3 percent increase in the week prior, the price of Chinese HRC fell 1.4 percent last week to CNY 3,490 ($572.70) per metric ton. Chinese coking coal prices held steady from the previous week at CNY 1,390 ($228.10) per metric ton. For the third week in a row, the price of Chinese slab dropped, falling 0.3 percent to CNY 3,500 ($574.35) per metric ton.
The steel billet cash price fell to $225.00 per metric ton after a 4.3 percent decrease on the LME from the previous week. Also on the LME, the steel billet 3-month price remained steady from the previous week at $235.00 per metric ton.
The price of US shredded scrap rose 4.3 percent over the past week to $385.00 per short ton. This was the third week in a row of increasing prices. The spot price of the US HRC futures contract rose 0.5 percent this week, closing out the fifth consecutive week of elevating prices at $668.00 per short ton. The 3-month price of the US HRC futures contract closed at $655.00 per short ton after a flat 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.