Raw Steels MMI®: The Week of Production Slowdowns

Major producers and even entire nations cut back steel production due to low prices this week.

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Nucor and Steel Dynamics cut production in Indiana and Arkansas, respectively. Data from China showed that steel output grew at the lowest rate there in 3 decades. U.S. Steel even shuttered 2 more facilities in Indian and Illinois and laid off 545 more workers.

Chinese slab saw a 6.4% decline this week, finishing at CNY 2,480 ($399.07) per metric ton and making it the week’s biggest mover on the weekly Raw Steels MMI®. Chinese HRC dropped 3.1% over the past week to CNY 2,800 ($450.56) per metric ton. Chinese billet remained essentially flat from the previous week at CNY 2,300 ($370.11) per metric ton. Following a steady week, prices for Chinese coking coal closed flat at CNY 1,080 ($173.79) per metric ton. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.17) and a low price of CNY 840.00 ($135.17) per dry metric ton.

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At $480.00 per metric ton, the 3-month price of steel billet remained essentially flat on the LME. This past week, the cash price of steel billet kept quiet, holding at on the LME at $500.00 per metric ton.

The 3-month price of the US HRC futures contract fell 3.7% over the past week to $575.00 per short ton. This was the third week in a row of declining prices. With a 1.5% decrease, the US HRC futures contract spot price closed the week at $585.00 per short ton. The price of US shredded scrap rose 0.6% this week, closing out the third week at $338.00 per short ton.

Korean steel prices were flat for the week. Korean steel scrap prices held steady from the previous week at KRW 169,000 ($156.45) per metric ton. At KRW 530,000 ($490.63) per metric ton, the week finished with no movement for Korean pig iron.

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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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