It’s been another flat week for steel prices on the MMI. Austrian steelmaker Voestalpine AG made news this week by talking about a new process to fuse strips of aluminum with steel.
Deutsche Bank is still confident in the future performance of steel company stocks despite the falling London Metal Exchange prices.
Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 450.00 ($72.14) and a low price of CNY 445.00 ($71.33) per dry metric ton. Chinese slab gained a slight 2.9% this past week, finishing at CNY 2,460 ($394.34) per metric ton. The price of Chinese HRC fell 2.3% over the past week to CNY 2,510 ($402.35) per metric ton. This was the third week in a row of declining prices. Closing at CNY 1,080 ($173.12) per metric ton, Chinese coking coal remained unchanged for the week.
Following a steady week, prices for on the LME the 3-month price of steel billet closed flat at $480.00 per metric ton. Also on the LME, the cash price of steel billet remained steady from the previous week at $500.00 per metric ton.
Korean steel prices were flat for the week. Korean steel scrap traded sideways last week, hovering around KRW 149,000 ($135.59) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 530,000 ($482.30) per metric ton.
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