The raw steels MMI continues to trend flat to down. MetalMiner Co-Founder Stuart Burns recently wrote about how the Asian seaborne iron ore and coking coal markets are inextricably linked to China’s steel industry and, by extension, demand from the country’s construction sector. It is no surprise, therefore, when all price indexes head in the same direction: down.
This is no surprise as MetalMiner Managing Editor Taras Berezowksky said in explaining how cheap imports are affecting many domestic steel markets.
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 ($134.66) and a low price of CNY 830.00 ($133.06) per dry metric ton. Chinese HRC prices held steady from the previous week at CNY 3,360 ($538.66) per metric ton. Closing at CNY 1,390 ($222.84) per metric ton, Chinese coking coal remained unchanged for the week. Prices for Chinese slab remained constant, closing the week at CNY 3,480 ($557.89) per metric ton.
On the LME, the 3-month price of steel billet remained steady from the previous week at $400.00 per metric ton. The steel billet cash price stayed essentially flat on the LME at $390.00 per metric ton.
Korean steel prices were flat for the week. Following a steady week, prices for Korean steel scrap closed flat at KRW 270,000 ($264.09) per metric ton. At KRW 635,000 ($621.11) 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 (at) agmetalminer (dot) com.