Raw Steels MMI®: Steel Billet 3-Month Price Rises 22.4% for the Week

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Commodities, Metal Prices
The 3-month price of steel billet saw the largest increase this week on the weekly Raw Steels MMI®, rising 22.4 percent on the LME to settle at $355.00 per metric ton. The steel billet cash price rose 18.6 percent on the LME to $350.00 per metric ton after falling 1.7 percent during the previous week.

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 ($139.06) and a low price of CNY 830.00 ($137.41) per dry metric ton. At CNY 3,480 ($576.11) per metric ton, the week finished with no movement for Chinese HRC. The price of Chinese slab dropped 0.3 percent this week, closing out the third consecutive week of falling prices at CNY 3,510 ($581.08) per metric ton. Chinese coking coal saw a 0.7 percent decline over the past week to CNY 1,420 ($235.08) per metric ton.

The US HRC futures contract spot price rose 0.7 percent to $675.00 per short ton after falling 0.7 percent during the previous week. US shredded scrap prices ticked up 0.5 percent over the past week to $418.00 per short ton. The 3-month price of the US HRC futures contract fell 0.3 percent to $633.00 per short ton after rising 0.3 percent the week before.

Korean steel prices were mixed for the week. The price of Korean steel scrap decreased to KRW 320,000 ($302.11) per metric ton, a 3.0 percent decline from the previous week. Closing at KRW 645,000 ($606.83) per metric ton, Korean pig iron remained unchanged for the 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.

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