Steel Shows Some Life, Billet Rises 4.2% For The Week

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Steel billet has finally started moving up on both the London Metal Exchange and the weekly MMI. The Ukraine-Russian Separatist conflict has caused a shortage at the Black Sea Port affecting Japan, China and several other importers to say nothing for its effects in Russia and Ukraine.

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The Commerce Department, this week, placed more tariffs this week on Chinese carbon and steel alloy rod in part of a steel trade war that has seen both the US and China alternating tariffs on each other’s products for the last two years.

Closing at $450.00 per metric ton on the LME, a 4.7 percent increase made the cash price of steel billet the week’s biggest mover on the weekly Raw Steels MMI®. Also on the LME, the steel billet 3-month price rose 4.6 percent last week to $455.00 per metric ton.

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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 ($136.34) and a low price of CNY 830.00 ($134.72) per dry metric ton. Prices for Chinese HRC remained constant, closing the week at CNY 3,380 ($548.61) per metric ton. Chinese coking coal remained essentially flat from the previous week at CNY 1,390 ($225.61) per metric ton. Chinese slab prices held steady from the previous week at CNY 3,480 ($564.84) per metric ton.

The spot price of the US HRC futures contract fell 2.2 percent last week, settling at $660.00 per short ton. Following a 0.3 percent increase, US shredded scrap finished the week at $381.00 per short ton. This past week, the 3-month price of the US HRC futures contract kept quiet, holding at at $645.00 per short ton.

Korean steel prices were flat for the week. Closing at KRW 250,000 ($242.66) per metric ton, Korean steel scrap remained unchanged for the week. At KRW 635,000 ($619.69) per metric ton, the price of Korean pig iron did not change since the previous 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.

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