The week’s biggest mover on the weekly Raw Steels MMI® was the cash price of steel billet, which saw a 7.1 percent increase on the LME to $300.00 per metric ton. This week marked the third in a row of rising prices for the metal. The 3-month price of steel billet increased 1.8 percent on the LME this week, closing out the fourth consecutive week of rising prices at $285.00 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 ($138.35) and a low price of CNY 830.00 ($136.70) per dry metric ton. Following a 1.1 percent increase in the week prior, the price of Chinese slab fell 0.3 percent last week to CNY 3,640 ($599.51) per metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,480 ($573.16) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,430 ($235.52) per metric ton.
Closing out the third week of rising prices, the price of US shredded scrap increased by 2.0 percent, landing at $412.00 per short ton. The 3-month price of the US HRC futures contract closed at $643.00 per short ton after a flat week. The US HRC futures contract spot price traded sideways last week, hovering around $676.00 per short ton.
Korean steel prices were flat for the week. Closing at KRW 345,000 ($325.26) 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.