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 hit a high price of CNY 840.00 ($137.87) and a low price of CNY 830.00 ($136.22) per dry metric ton. The price of Chinese slab rose 0.3 percent to CNY 3,510 ($576.08) per metric ton after falling 0.3 percent during the previous week. Chinese HRC prices held steady from the previous week at CNY 3,490 ($572.80) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,390 ($228.14) per metric ton.
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 the week at $385.00 per short ton. 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. At KRW 345,000 ($326.89) per metric ton, the price of Korean steel scrap did not change since the previous week. Closing at KRW 635,000 ($567.52) per metric ton, 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.