Price hikes by manufacturers such as AK Steel and Nucor showed signs that they would stick this week as orders didn’t suffer any real letdown from the increased rates. A MorganStanley report said hot-rolled coil steel deals are approaching $700 per short ton this week. The US International Trade Commission heard final arguments this week as well in the case domestic producers brought against Turkish and Mexican rebar imports which the domestic producers consider dumping.
The week’s biggest mover on the weekly Raw Steels MMI® was the price of US shredded scrap, which saw a 0.5 percent increase to $396.00 per short ton. This week marked the third in a row of rising prices for the metal. The 3-month price of the US HRC futures contract settled at $653.00 per short ton this week after shifting up 0.5 percent. Closing out the third week of rising prices, the US HRC futures contract spot price increased by 0.5 percent, landing at $656.00 per short ton.
The week’s biggest mover on the weekly Raw Steels MMI® was the price of Korean steel scrap, which saw a 1.8 percent decline to KRW 280,000 ($268.88) per metric ton. This week marked the third in a row of declining prices for the metal. At KRW 635,000 ($595.63) per metric ton, the price of Korean pig iron did not change since the previous week.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.00) and a low price of CNY 830.00 ($133.39) per dry metric ton. Following a steady week, prices for Chinese HRC closed flat at CNY 3,400 ($546.43) per metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,390 ($223.39) per metric ton. Chinese slab traded sideways last week, hovering around CNY 3,480 ($559.29) per metric ton.
Closing at $400.00 per metric ton, the steel billet 3-month price remained unchanged on the LME for the week. This past week, the cash price of steel billet kept quiet, holding at on the LME at $390.00 per metric ton.
At $396.00 per short ton, the price of US shredded scrap finished the week 0.5 percent higher. The 3-month price of the US HRC futures contract shifted up 0.5 percent to close at $653.00 per short ton this week. The spot price of the US HRC futures contract rose 0.5 percent this week, closing out the third week at $656.00 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.