Raw Steels MMI®: Korean Steel Scrap Falls by 4.3%

The week’s biggest mover on the weekly Raw Steels MMI® was the price of US shredded scrap, which saw a 1.5 percent increase to $416.00 per short ton. This comes on the heels of a 0.5 percent decline the week prior. Following a 0.7 percent drop, the US HRC futures contract spot price finished the week at $670.00 per short ton. The 3-month price of the US HRC futures contract rose 0.3 percent to $635.00 per short ton after falling 1.6 percent during the previous week.

Korean steel scrap finished as the week’s biggest mover on the weekly Raw Steels MMI® after dropping 4.3 percent and landing at KRW 330,000 ($313.24) per metric ton. Korean pig iron prices ticked up 1.6 percent over the past week to KRW 645,000 ($612.24) 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 ($138.81) and a low price of CNY 830.00 ($137.15) per dry metric ton. Chinese slab saw a 2.5 percent decline over the past week to CNY 3,520 ($581.67) per metric ton. Chinese HRC traded sideways last week, hovering around CNY 3,480 ($575.06) per metric ton. Closing at CNY 1,430 ($236.30) per metric ton, Chinese coking coal remained unchanged for the week.

The 3-month price of steel billet rose 1.8 percent on the LME over the past week to $290.00 per metric ton. The cash price of steel billet fell 1.7 percent on the LME for the week to settle at $295.00 per metric ton.

The price of US shredded scrap rose 1.5 percent to $416.00 per short ton after falling 0.5 percent during the previous week. With a 0.7 percent decrease, the US HRC futures contract spot price closed the week at $670.00 per short ton. The US HRC futures contract 3-month price rose 0.3 percent to $635.00 per short ton after falling 1.6 percent during the previous 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.