Another Week of Lows for Steel

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It was another week of lows for Raw Steels on the MMI. Chinese rebar and iron ore were the biggest losers with new record lows for both. Steel remains incapable of pulling out of a flat-to-negative funk that’s lasted for most of the year. State-owned China Steel Corp. even cut prices citing low raw material costs and flagging demand.

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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 ($134.87) and a low price of CNY 830.00 ($133.27) per dry metric ton. At CNY 3,380 ($542.71) per metric ton, the week finished with no movement for Chinese HRC. Chinese coking coal remained essentially flat from the previous week at CNY 1,390 ($223.18) per metric ton. At CNY 3,480 ($558.76) per metric ton, the price of Chinese slab did not change since the previous week.

Last week, the steel billet cash price shifted slightly on the LME, rising by 1.3 percent to close at $395.00 per metric ton. This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $400.00 per metric ton.

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Korean steel prices were mixed for the week. The price of Korean pig iron rose 1.6 percent to KRW 645,000 ($634.53) per metric ton after falling 1.6 percent during the previous week. Korean steel scrap prices held steady from the previous week at KRW 265,000 ($259.50) per metric ton.

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