Last week saw more price increases by steel manufacturers such as ArcelorMittal and Severstal NA. MetalMiner’s own Stuart Burns predicts there may be more support for price rises to hold.
Cuts by steel mills in China and Turkey also decreased imports last week and the the cooling of the Chinese economy impacted steel demand as much as any other metal.
The week’s biggest mover on the weekly Raw Steels MMI® was the spot price of the US HRC futures contract, which saw a 1.1 percent increase to $653.00 per short ton. This week marked the third in a row of rising prices for the metal. At $650.00 per short ton, the 3-month price of the US HRC futures contract finished the week 0.8 percent higher. The price of US shredded scrap increased by a slight 0.8 percent over the past week to $394.00 per short ton.
Following a 3.4 percent decline to KRW 285,000 ($269.55) per metric ton, Korean steel scrap finished as the week’s biggest mover on the weekly Raw Steels MMI®. Korean pig iron prices held steady from the previous week at KRW 635,000 ($595.63) 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 ($135.56) and a low price of CNY 830.00 ($133.95) per dry metric ton. The price of Chinese HRC rose 1.8 percent to CNY 3,400 ($548.69) per metric ton after falling 0.6 percent during the previous week. Closing at CNY 1,390 ($224.32) per metric ton, Chinese coking coal remained unchanged for the week. Chinese slab traded sideways last week, hovering around CNY 3,480 ($561.60) per metric ton.
Following a steady week, prices for on the LME the steel billet 3-month price closed flat at $400.00 per metric ton. This past week, the cash price of steel billet kept quiet, holding at on the LME at $390.00 per metric ton.
Closing out the third week of rising prices, the US HRC futures contract spot price increased by 1.1 percent, landing at $653.00 per short ton. The US HRC futures contract 3-month price rose 0.8 percent over the past week to $650.00 per short ton. This was the third week in a row of increasing prices. US shredded scrap prices ticked up 0.8 percent over the past week to $394.00 per short 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.