Scrap prices took center stage in the weekly Steel MMI. As they began a fall in the US that Steel Insight Editor James May wrote will continue this month. Steel stocks also took a tumble as hedge fund managers and even AK Steel put out ominous warnings.
It was not all bad news, however, as Nucor Corp. posted strong third quarter results and beat analysts’ estimates.
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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. At CNY 2,980 ($485.20) per metric ton, the price of Chinese HRC did not change since the previous week. At CNY 1,390 ($226.32) per metric ton, the week finished with no movement for Chinese coking coal. Chinese slab prices held steady from the previous week at CNY 3,480 ($566.61) per metric ton.
On the LME, the steel billet 3-month price closed at $455.00 per metric ton after a flat week. Also on the LME, the steel billet cash price remained steady from the previous week at $465.00 per metric ton.
Korean steel prices were flat for the week. At KRW 240,000 ($232.01) per metric ton, the price of Korean steel scrap did not change since the previous week. Korean pig iron remained essentially flat from the previous week at KRW 635,000 ($619.69) per metric 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.