Rising 6.3 percent on the LME to $420.00 per metric ton, the cash price of steel billet saw the largest increase on the weekly Raw Steels MMI® this week. The steel billet 3-month price saw a 6.2 percent increase in its price, hitting $425.00 per metric ton on the LME.
Other than the rise out of the flat spell that has plagued steel for much of the year, regulatory concerns continued to dominant all categories of steel. As tensions heat up in Ukraine again, US manufacturers want a Cold War-era steel pact between the US and the Russian Federation scrapped.
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 ($135.34) and a low price of CNY 830.00 ($133.73) per dry metric ton. Following a 0.3 percent increase in the week prior, the price of Chinese HRC fell 0.3 percent last week to CNY 3,380 ($544.57) per metric ton. Prices for Chinese coking coal remained constant, closing the week at CNY 1,390 ($223.95) per metric ton. At CNY 3,480 ($560.68) per metric ton, the week finished with no movement for Chinese slab.
US shredded scrap prices ticked up 0.8 percent over the past week to $373.00 per short ton. Finishing the fourth week of rising prices, the 3-month price of the US HRC futures contract increased by 0.3 percent, finishing at $642.00 per short ton. The US HRC futures contract spot price fell 0.3 percent to $670.00 per short ton after rising 1.8 percent the week before.
Korean steel prices were mixed for the week. Korean steel scrap saw a 1.9 percent decline over the past week to KRW 255,000 ($251.90) per metric ton. Following a steady week, prices for Korean pig iron closed flat 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.