North America remains well-supplied in steel, imports are up some 50% year-on-year ,and domestic production growth rates are positive after recovering from disruptions earlier in the year. The reassuring conclusions reported recently by HSBC are analyzed here by MetalMiner‘s Stuart Burns.
India began its sell-off of state-owned companies with 5% of the Steel Authority of India Ltd. (SAIL) this week, as well.
The week’s biggest mover on the weekly Raw Steels MMI® was the steel billet cash price, which saw a 2.4 percent increase on the LME to $420.00 per metric ton. This comes on the heels of a 2.4 percent decline the week prior. This past week, the 3-month price of steel billet kept quiet, holding at on the LME at $425.00 per metric ton.
Chinese steel prices were flat for the week. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($136.39) and a low price of CNY 830.00 ($134.77) per dry metric ton. At CNY 3,380 ($548.81) per metric ton, the price of Chinese HRC did not change since the previous week. Prices for Chinese coking coal remained constant, closing the week at CNY 1,390 ($225.69) per metric ton. Closing at CNY 3,480 ($565.04) per metric ton, Chinese slab remained unchanged for the week.
A 0.6 percent gain landed the US HRC futures contract 3-month price at $645.00 per short ton. Following a 1.3 percent increase in the week prior, the price of US shredded scrap fell 0.5 percent last week to $377.00 per short ton. At $675.00 per short ton, the spot price of the US HRC futures contract remained essentially flat.
Korean steel prices were flat for the week. Korean steel scrap remained essentially flat from the previous week at KRW 250,000 ($243.96) per metric ton. At KRW 635,000 ($619.69) per metric ton, the week finished with no movement for Korean pig iron.
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.