The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 6.7 percent increase on the LME to $240.00 per metric ton. This comes on the heels of a 4.3 percent decline the week prior. Also on the LME, the steel billet 3-month price spiked 4.3 percent last week to $245.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India were range bound. The price of Chinese slab rose 0.3 percent after falling 0.3 percent during the previous week. Chinese HRC prices held steady from the previous week. Following a steady week, prices for Chinese coking coal closed flat.
The US HRC futures contract 3-month price closed last week at $650.00 per short ton, after a 0.8 percent drop. Prices for US shredded scrap remained constant. Closing at $668.00 per short ton, the US HRC futures contract spot price remained unchanged for the week.
Korean steel prices were flat for the week. The price of Korean steel scrap did not change since the previous week. Korean pig iron 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.