US shredded scrap was the big gainer in steel prices this week, but prices were flat overall in a pattern we’ve seen repeated for much of the year. While prices are still flat-to-down, steel stocks saw a big surge this week in what might portend a future rise in prices.
An already oversupplied Chinese iron ore and steel market saw even more surplus produced this week, hindering prices in the world’s largest consumer of steel. Stainless steel production was up 21 percent through July there, as well.
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 ($136.74) and a low price of CNY 830.00 ($135.11) per dry metric ton. Chinese HRC traded sideways last week, hovering around CNY 3,380 ($550.22) per metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,390 ($226.27) per metric ton. At CNY 3,480 ($566.50) per metric ton, the week finished with no movement for Chinese slab.
This past week, the steel billet 3-month price kept quiet, holding at on the LME at $425.00 per metric ton. Also on the LME, the cash price of steel billet traded sideways last week, hovering around $420.00 per metric ton.
Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week at KRW 250,000 ($242.66) per metric ton. At KRW 635,000 ($619.69) per metric ton, the price of Korean pig iron did not change since the previous week.
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