Hot-rolled coil prices were the only steel prices up this week. The steel market continues to show what MetalMiner Lead Analyst Raul De Frutos called “remarkable flatness.” While other construction materials are facing shortages and consequent steep price increases, structural steelwork prices are increasing more moderately and steadily, according to the British Constructional Steelwork Association.
AK Steel stock reached a 52-week high this week as steel companies are showing profits despite the flat-to-down prices of the last six months. Steel companies have become more efficient and found ways to cut costs.
Foreign import duties have also helped. The Department of Commerce placed initial import duties on Indian and Chinese steel rod this week, protecting domestic manufacturers from what Commerce has determined to be subsidized foreign competition.
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 ($135.46) and a low price of CNY 830.00 ($133.84) per dry metric ton. Chinese HRC saw its price rise 0.3 percent over the past week to CNY 3,390 ($546.66) per metric ton. Closing at CNY 1,390 ($224.15) per metric ton, Chinese coking coal remained unchanged for the week. At CNY 3,480 ($561.18) per metric ton, the week finished with no movement for Chinese slab.
Closing at $400.00 per metric ton, the steel billet 3-month price remained unchanged on the LME for the week. Also on the LME, the cash price of steel billet closed at $395.00 per metric ton after a flat week.
Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week at KRW 260,000 ($257.02) per metric ton. Prices for Korean pig iron remained constant, closing the week at KRW 635,000 ($627.72) per metric 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.