Following a 5.1 percent on the LME decline to $280.00 per metric ton, the steel billet 3-month price finished as the biggest mover on the weekly Raw Steels MMI®.
The cash price of steel billet fell 0.4 percent on the LME for the week to settle at $279.00 per metric ton.
Chinese steel prices were flat for the week. The prices of iron ore 58% fines from India remained rangebound, while prices for Chinese HRC remained constant. The price of Chinese coking coal did not change since the previous week. Following a steady week, prices for Chinese slab closed flat.
The US HRC futures contract spot price shifted up 2 percent to close at $655.00 per short ton this week. The US HRC futures contract 3-month price rose 0.8 percent to $655.00 per short ton after falling 0.8 percent during the previous week.
US shredded scrap saw its price rise 1 percent over the past week.
The week finished with no movement for Korean steel scrap. Korean pig iron prices held steady from the previous week as well.
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.