Raw Steels MMI®: Ice Hurt US Midwest, a Ban Was Lifted in India

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The Midwest’s winter of discontent significantly hindered shipments in March. Iron ore shipments in March were limited to 1.1 million tons, according to the Lake Carriers’ Association based in Cleveland. That was a decrease of 43 percent compared to last year. Shipments from US side of Great Lakes ports fell even more, 52 percent.

Meanwhile, in India, the two-year ban on iron ore shipments from the key state of Goa was lifted this week.

Prices for Chinese HRC saw the biggest increase on the weekly Raw Steels MMI® this week, rising 1.5 percent and settling at CNY 3,450 ($553.11) per metric ton. Following a steady week, prices for Chinese billet closed flat at CNY 3,110 ($498.60) per metric ton. Chinese coking coal traded sideways last week, hovering around CNY 1,390 ($222.85) per metric ton. At CNY 840.00 ($134.67) per dry metric ton, the week finished with no movement for 58% Indian iron ore fines low. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.67) and a low price of CNY 830.00 ($133.07) per dry metric ton.

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On the LME, the steel billet 3-month price remained steady from the previous week at $400.00 per metric ton. At $390.00 per metric ton, the steel billet cash price remained essentially flat on the LME.

Following a 0.5 percent increase in the week prior, the US HRC futures contract 3-month price fell 0.8 percent last week to $648.00 per short ton. US shredded scrap remained essentially flat from the previous week at $396.00 per short ton. This past week, the US HRC futures contract spot price kept quiet, holding at at $656.00 per short ton.

Korean steel prices were flat for the week. Prices for Korean steel scrap remained constant, closing the week at KRW 280,000 ($269.69) per metric ton. At KRW 635,000 ($595.63) per metric ton, the price of Korean pig iron did not change since 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@agmetalminer.com.

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