Raw Steels MMI®: Strong Week for HRC as US Steel, Others Report Earnings

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Cold-rolled steel

Steel futures had a strong week as earnings came in over the past few days for major steel producers. If steel prices can have a few more weeks like this perhaps long-term stability can be reached.

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However, massive Chinese exports still hang over the rest of the steel industry like a giant Sword of Damocles. Already, India and the US are turning to anti-dumping measures to keep surplus Chinese production out of their markets.

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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. Chinese HRC fell 1.7% over the past week to CNY 2,980 ($485.20) per metric ton. At CNY 1,390 ($226.32) per metric ton, the week finished with no movement for Chinese coking coal. Chinese slab remained essentially flat from the previous week at CNY 3,480 ($566.61) per metric ton.

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This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $455.00 per metric ton. Closing at $465.00 per metric ton, the steel billet cash price remained unchanged on the LME for the week.

Korean steel prices were flat for the week. Closing at KRW 240,000 ($232.01) per metric ton, Korean steel scrap remained unchanged for the week. Korean pig iron traded sideways last week, hovering around KRW 635,000 ($619.69) per metric ton.

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