The cash price of steel billet saw the largest increase this week on the weekly Raw Steels MMI®, rising 4.3 percent on the LME to settle at $365.00 per metric ton. Also on the LME, the steel billet 3-month price ticked up 1.4 percent over the past week to $360.00 per metric ton.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India was range bound. The week finished with no movement for Chinese HRC. Chinese coking coal saw a 2.1 percent decline over the past week. Chinese slab remained essentially flat from the previous week.
With a 0.2 percent decrease, the 3-month price of the US HRC futures contract closed the week at $628.00 per short ton. US shredded scrap prices held steady from the previous week. The spot price of the US HRC futures contract traded sideways last week, hovering around $672.00 per short ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week. 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.