Raw Steels MMI®: Indian, Korean Scrap Records Double-Digit Losses This Week

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Steel scrap prices fell precipitously around the world this week.

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Prices in China and India recorded big price falls as recyclers prepared for the new year in the US.

Prices for US shredded scrap saw the biggest increase on the weekly Raw Steels MMI® this week, rising 1.5% and settling at $333.00 per short ton. Closing out the third week of declining prices, the spot price of the US HRC futures contract dropped by 1.5%, finishing at $605.00 per short ton. Following a steady week, prices for the 3-month price of the US HRC futures contract closed flat at $606.00 per short ton.

Korean steel scrap finished as the week’s biggest mover on the weekly Raw Steels MMI® after dropping 21.0% and landing at KRW 169,000 ($153.71) per metric ton. Korean pig iron prices held steady from the previous week at KRW 635,000 ($619.69) per metric ton.

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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 ($134.95) and a low price of CNY 840.00 ($134.95) per dry metric ton. The price of Chinese HRC fell 1.0% to CNY 3,060 ($491.60) per metric ton after rising 1.0% the week before. The price of Chinese slab rose 6.2% to CNY 3,070 ($493.21) per metric ton after falling 0.3% during the previous week. At CNY 1,080 ($173.51) per metric ton, the price of Chinese coking coal did not change since the previous week.

At $480.00 per metric ton, the 3-month price of steel billet remained essentially flat on the LME. Closing at $500.00 per metric ton, the cash price of steel billet remained unchanged on the LME for the week.

US shredded scrap prices ticked up 1.5% over the past week to $333.00 per short ton. The spot price of the US HRC futures contract dropped 1.5% this week, closing out the third consecutive week of falling prices at $605.00 per short ton. This past week, the 3-month price of the US HRC futures contract kept quiet, holding at at $606.00 per short 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.

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