As 2015 approaches, most are predicting lower prices for the new year, as well.
A 22.3% decline in Chinese coking coal made it the biggest mover of the week, closing at CNY 1,080 ($175.68) per metric ton on the weekly Raw Steels MMI®. Chinese billet prices fell to CNY 2,840 ($461.98) per metric ton, down from CNY 3,110 ($506.93) a week ago. Chinese HRC rose 6.4% over the past week to CNY 3,160 ($514.04) per metric ton. Chinese slab dropped 3.7% over the past week to CNY 3,350 ($544.94) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.64) and a low price of CNY 840.00 ($136.64) per dry metric ton.
On the LME, the 3-month price of steel billet remained steady from the previous week at $480.00 per metric ton. Following a steady week, prices for on the LME the steel billet cash price closed flat at $500.00 per metric ton.
US shredded scrap weakened by 4.4% to land at $328.00 per short ton. With a 0.6% decrease, the US HRC futures contract spot price closed the week at $630.00 per short ton. Since last week, the price of the US HRC futures contract 3-month price fell to $625.00 per short ton after moving 0.5%.
Korean steel prices were flat for the week. Closing at KRW 214,000 ($192.28) per metric ton, Korean steel scrap remained unchanged for the week. Following a steady week, prices for Korean pig iron closed flat at KRW 635,000 ($619.69) 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.