iron ore price

The week’s biggest mover on the Construction MMI® was the Chinese low price of 62% Australian iron ore fines, which saw a 1.9 percent decline to CNY 1,010 ($159) per dry metric ton. Last week marked the fourth in a row of declining prices for the metal. At CNY 4,140 ($653) per metric ton, the price of Chinese rebar finished the week down one percent. US shredded scrap remained essentially flat from the previous week at $432 per short ton. At CNY 3,950 ($625) per metric ton, the price of Chinese H-beam steel did not change since the previous week.

Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,050 ($2,219) per metric ton. European 1050 aluminum prices held steady from the previous week at EUR 2,327 ($3,055) per metric ton.

The weekly US Midwest bar fuel surcharge closed at $0.53 per short ton after a flat week. Closing at $0.56 per short ton, the weekly US Rocky Mountain bar fuel surcharge remained unchanged for the week. At $0.53 per short ton, the weekly US Gulf Coast bar fuel surcharge remained essentially flat.

The Construction MMI® collects and weights 9 metal price points used within the construction industry to provide a unique view into construction industry price trends. For more information on the Construction MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

On May 29, 2012, the 3-month price of steel billet experienced the biggest change, rising 4.1 percent on the LME to $402 per metric ton. Yesterday, the cash price of steel billet experienced a large decrease, rising 3.9 percent on the LME to land at $400 per metric ton.

Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($132) per dry metric ton. The price of Chinese HRC improved by 0.7 percent, closing at CNY 4,150 ($655) per metric ton yesterday. Chinese slab ended the day at CNY 4,020 ($634) per metric ton, after the 0.5 percent drop on Tuesday.

The 3-month price of US HRC futures contract showed little movement yesterday at $655 per short ton. The spot price of US HRC futures contract remained essentially flat at $662 per short ton.

At $655 per short ton, the 3-month price of the US HRC futures contract moved up 1.6 percent on May 28, 2012, making it the day’s biggest mover on our daily steel price index. The spot price of the US HRC futures contract steadied at $662 per short ton following two days of dropping prices.

Chinese steel and raw material prices came in flat for May 28, 2012.

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Following on Part One of this story, the impact of the falling rupee may be more visible on the import of coking coal. India as of now is the 3rd largest importer of coking coal. As per some estimates, the Indian steel industry will need to import 36.8 million tons of coking coal in 2012 to meet estimated steel demand of 58.7 million tons.

Compared to last year, the international price of coking coal is down this year.

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At $655 per short ton, the 3-month price of US HRC futures contract moved up 1.6 percent on May 28, 2012, making it the day’s biggest mover. The spot price of US HRC futures contract steadied at $662 per short ton following two-days of dropping prices.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($132) per dry metric ton. The price of Chinese HRC showed little movement last Friday at CNY 4,120 ($650) per metric ton. The price of Chinese coking coal held steady at CNY 1,780 ($281) per metric ton.

Also on the LME, the cash price of steel billet rose 1.4 percent to $385 per metric ton. At $386, the steel billet 3-month price finished the market day on the LME up 1.4 percent per metric ton.

For the past six months or so, the Indian steel sector has been buffeted about by one negative development or another.

In the throes of a mining scam leading to a clampdown on iron ore mining and a subsequent shortage of good quality ore, the industry now finds itself battling possible higher import bills due to a falling Indian rupee.

And the weight of the rupee against the dollar has a direct bearing on the cost of steelmaking.

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The cash price of steel billet fell 12.7 percent on May 25, 2012 to $379 per metric ton on the LME, making it the day’s biggest mover. The 3-month price of steel billet closed at $380 per metric ton. Following a couple days of improvement, prices fell by 12.5 percent on the LME.

Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($132) per dry metric ton. The price of Chinese slab fell 0.5 percent to CNY 4,040 ($637) per metric ton. The price of Chinese HRC remained steady at CNY 4,120 ($650) per metric ton.

The US HRC futures contract spot price declined 0.2 percent to $662 per short ton. The US HRC futures contract 3-month price saw little movement last Friday, closing out around $645 per short ton.

The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw an 8.5 percent decline on the LME to $421 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the cash price of steel billet dropped by 7.7 percent on the LME, finishing at $419 per metric ton.

(Why the steel price drops? Where are prices of steel headed for the rest of 2012?)

Chinese steel prices, meanwhile, were mixed for the week.

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The week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw a 8.5 percent decline on the LME to $421 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the cash price of steel billet dropped by 7.7 percent on the LME, finishing at $419 per metric ton.

Chinese steel prices were mixed for the week. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($133) per dry metric ton. Chinese HRC prices were off slightly at CNY 4,130 ($653) per metric ton, down from CNY 4,200 ($664) a week ago. At CNY 1,780 ($281) per metric ton, the week finished with no movement for Chinese coking coal. For the third week in a row, the price of Chinese slab dropped, falling 2.9 percent to CNY 4,090 ($647) per metric ton.

With a 1.5 percent decrease, the 3-month price of US HRC futures contract closed the week at $655 per short ton. The spot price of US HRC futures contract fell 0.7 percent to $665 per short ton after rising 0.8 percent the week before. After a 0.2 percent decline, US shredded scrap closed out the week at $432 per short ton.

Korean steel prices were flat for the week. Prices for Korean steel scrap remained constant, closing the week at KRW 440,000 ($376) per metric ton. Korean pig iron remained essentially flat from the previous week at KRW 790,000 ($675) 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.

The steel billet 3-month price closed up May 23, 2012 at $421 per metric ton, halting two days of weakening prices on the LME with a 2.4 percent shift. Also on the LME, the cash price of steel billet rose 2.2 percent to $419 per metric ton.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($134) and a low price of CNY 840 ($133) per dry metric ton. Chinese HRC stayed flat at around CNY 4,130 ($653) per metric ton. The price of Chinese coking coal remained essentially flat at CNY 1,780 ($281) per metric ton.

The US HRC futures contract 3-month price has been on the decline for seven days and is now at $655 per short ton. The spot price of US HRC futures contract saw little movement yesterday at $665 per short ton.

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