The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet 3-month price, which saw a 7.7 percent increase on the LME to $280.00 per metric ton. This week marked the third in a row of rising prices for the metal. Finishing the fourth week of rising prices, the steel billet cash price increased by 7.7 percent on the LME, finishing at $280.00 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 ($138.37) and a low price of CNY 830.00 ($136.72) per dry metric ton. After a 0.3 percent decline, Chinese HRC closed out the week at CNY 3,480 ($573.23) per metric ton. At CNY 1,430 ($235.55) per metric ton, the week finished with no movement for Chinese coking coal. Closing out the third week of rising prices, the price of Chinese slab increased by 1.1 percent, landing at CNY 3,650 ($601.23) per metric ton.
US shredded scrap rose 2.5 percent over the past week to $404.00 per short ton. Following a 0.3 percent drop, the US HRC futures contract 3-month price finished the week at $643.00 per short ton. The US HRC futures contract spot price closed at $676.00 per short ton after a flat week.
Korean steel prices were mixed for the week. The price of Korean steel scrap declined 2.8 percent over the past week, settling at KRW 345,000 ($328.12) per metric ton. Prices for Korean pig iron remained constant, closing the week at 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.