Raw Steels MMI®: 2.9% Gain for Korean Steel Scrap

Rising 1.2 percent to $676.00 per short ton, the US HRC futures contract spot price saw the largest increase on the weekly Raw Steels MMI® this week. At $385.00 per short ton, the week finished with no movement for US shredded scrap. Following a steady week, prices for the 3-month price of the US HRC futures contract closed flat at $650.00 per short ton.

Korean steel scrap improved by 2.9 percent, reaching KRW 355,000 ($334.51) per metric ton on the weekly Raw Steels MMI®. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($567.52) per metric ton.

Chinese steel prices were up for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($137.89) and a low price of CNY 830.00 ($136.25) per dry metric ton. Following a 1.7 percent increase, Chinese HRC finished the week at CNY 3,550 ($582.74) per metric ton. Closing at CNY 1,430 ($234.74) per metric ton for the week, Chinese coking coal rose by a slight 2.9 percent. In the past week, Chinese slab saw its price shift up 0.9 percent to CNY 3,540 ($581.10) per metric ton.

Following a 4.3 percent increase in the week prior, the 3-month price of steel billet fell 2.0 percent on the LME last week to $240.00 per metric ton. Also on the LME, the cash price of steel billet closed at $240.00 per metric ton after a flat week.

The US HRC futures contract spot price ticked up 1.2 percent over the past week to $676.00 per short ton. US shredded scrap traded sideways last week, hovering around $385.00 per short ton. The US HRC futures contract 3-month price traded sideways last week, hovering around $650.00 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.