The week’s biggest mover on the weekly Raw Steels MMI® was the 3-month price of steel billet, which saw a 8.3 percent increase on the LME to $260.00 per metric ton. This comes on the heels of a 2.0 percent decline the week prior. Also on the LME, the cash price of steel billet spiked 8.3 percent last week to $260.00 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 ($138.36) and a low price of CNY 830.00 ($136.71) per dry metric ton. Following a 1.7 percent increase in the week prior, the price of Chinese HRC fell 1.7 percent last week to CNY 3,490 ($574.86) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,430 ($235.54) per metric ton. Chinese slab rose 2.0 percent over the past week to CNY 3,610 ($594.63) per metric ton.
In the past week, US shredded scrap saw its price shift up 2.3 percent to $394.00 per short ton. With a 0.8 percent decrease, the US HRC futures contract 3-month price closed the week at $645.00 per short ton. This past week, the spot price of the US HRC futures contract kept quiet, holding at at $676.00 per short ton.
Korean steel prices were flat for the week. Closing at KRW 355,000 ($337.16) per metric ton, Korean steel scrap remained unchanged for the week. Korean pig iron traded sideways last week, hovering around 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.