It was another flat to down week for raw steel. China Steel Corp. said Wednesday it will cut domestic product prices for the first time in six months, citing falling raw material costs and sluggish regional demand. ATI and AK Steel opposed a proposed settlement between Chinese manufacturers and the US Commerce Department about illegally dumped Grain-Oriented Electrical Steel imports.
It was, otherwise, a typically quiet week in the flat steel market. It’s nothing if not consistent.
The week’s biggest mover on the weekly Raw Steels MMI® was the price of US shredded scrap, which saw a 1.3 percent decline to $385.00 per short ton. This comes on the heels of a 0.3 percent increase the week before. The US HRC futures contract 3-month price stayed essentially flat at $625.00 per short ton. This past week, the US HRC futures contract spot price kept quiet, holding at at $685.00 per short ton.
Korean steel scrap saw a 1.9 percent decline this week, finishing at KRW 265,000 ($258.73) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Korean pig iron prices ticked up 1.6 percent over the past week to KRW 645,000 ($629.73) 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 ($134.40) and a low price of CNY 830.00 ($132.80) per dry metric ton. Following a 0.6 percent increase, Chinese HRC finished the week at CNY 3,380 ($540.78) per metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,390 ($222.39) per metric ton. Following a steady week, prices for Chinese slab closed flat at CNY 3,480 ($556.78) per metric ton.
Closing at $400.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week. Also on the LME, the cash price of steel billet closed at $390.00 per metric ton after a flat week.
Following a 0.3 percent increase in the week prior, the price of US shredded scrap fell 1.3 percent last week to $385.00 per short ton. Following a steady week, prices for the 3-month price of the US HRC futures contract closed flat at $625.00 per short ton. Closing at $685.00 per short ton, the US HRC futures contract spot price 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.