Scrap demand kept the strong pace its had for most of the year as recycled material continues to be sought after as iron ore continues to be unavailable in the developing world.
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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. Chinese HRC prices held steady from the previous week at CNY 3,030 ($493.34) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,390 ($226.32) per metric ton. Prices for Chinese slab remained constant, closing the week at CNY 3,480 ($566.61) per metric ton.
The 3-month price of steel billet stayed essentially flat on the LME at $455.00 per metric ton. Also on the LME, the cash price of steel billet closed at $450.00 per metric ton after a flat week.
Korean steel prices were flat for the week. At KRW 240,000 ($232.01) per metric ton, the price of Korean steel scrap did not change since the previous week. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($619.69) per metric ton.
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