The iron ore giant’s CEO, Andrew Mackenzie, also said that BHP will try to make up for the weak demand in iron ore by selling more copper.
Chinese slab dropped to CNY 2,900 ($468.71) per metric ton making it the biggest mover on the weekly Raw Steels MMI® this week, after drifting 13.4%. The price of Chinese HRC fell 3.2% to CNY 3,060 ($494.57) per metric ton after rising 6.4% the week before. Chinese billet prices were off slightly at CNY 2,800 ($452.55) per metric ton, down from CNY 2,840 ($461.98) a week ago. Prices for Chinese coking coal remained constant, closing the week at CNY 1,080 ($174.55) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.76) and a low price of CNY 840.00 ($135.76) per dry metric ton.
Closing at $480.00 per metric ton, the 3-month price of steel billet remained unchanged on the LME for the week. At $500.00 per metric ton, the steel billet cash price remained essentially flat on the LME.
The US HRC futures contract spot price closed last week at $616.00 per short ton, after a 2.2% drop. At $618.00 per short ton, the US HRC futures contract 3-month price finished the week down 1.1%. At $328.00 per short ton, the week finished with no movement for US shredded scrap.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 214,000 ($193.81) per metric ton. Closing at KRW 635,000 ($619.69) per metric ton, Korean pig iron remained unchanged for the 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.