steel price

The week’s biggest mover on this week’s Construction MMI® was the weekly US Gulf Coast bar fuel surcharge, which saw a 4.1 percent decline. The weekly US Midwest bar fuel surcharge fell 3.9 percent from the previous week as well. Also, the weekly US Rocky Mountain bar fuel surcharge declined 2.4 percent since last week.

Chinese steel and US scrap prices saw some movement, however.

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On June 5, 2012, the day’s biggest mover on our steel price index was the 3-month price of US HRC futures, which saw a 1.2 percent decline to $642 per short ton. The spot price of US HRC futures contract held steady on Tuesday, remaining around $630 per short ton.

Chinese steel prices and raw materials prices were mostly flat for the day, following a general dip over the past month.

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The monthly Raw Steels MMI® registered a value of 95 in June, a decrease of four percent from 99 in May.

The Raw Steels MMI® had held fairly steady between March 1 and May 1, but fell this past month along with all of the other MMI® index values. The Raw Steels MMI® baseline began on January 1, 2012 with a reading of 100. This report serves as the first public release of this data.

Source: MetalMiner IndX℠

“For industrial buying organizations attempting to better understand the cost of steel products, this Raw Steels MMI® report covers the global raw material price trends impacting steel producers,” said Lisa Reisman, managing editor of MetalMiner. “Only by analyzing these input costs from a variety of global price drivers can a buying organization assemble a cost model reflective of the underlying price trends that most directly correlate to steel prices.”

“Steel held up comparatively well,” Reisman continued, “yet the European and Chinese slowdowns have had an impact on steel pricing; demand has started to slow in the US as well. We’ll need to see if this is a one-month market blip or a longer trend.”

The Drivers for the Steel Price Index Decrease

After falling 20.2 percent, the steel billet 3-month price finished the month on the LME at $387 per metric ton. The cash price of LME steel billet fell 17.4 percent over the past month to $385 per metric ton. A 7.6 percent decline for Chinese slab left the price at between $625 and $650 per metric ton. The price of Chinese billet fell 4.4 percent, while the US HRC futures contract 3-month price ended the month at $650 per short ton. Last month, US shredded scrap prices dropped by 0.9 percent.

On the other side of the steel coin, Korean steel scrap shifted up 2.3 percent last month. The US HRC futures contract spot price rose a slight 0.8 percent over the past month to $660 per short ton.

Last month was consistent for Chinese coking coal, which did not move. Korean pig iron also remained unchanged.

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 over a 30-day period. MetalMiner will publish the monthly MMI® reports during the first week of the month, every month. Paid subscribers have access to all the data on the first of the month and can also obtain the actual price points for constituent elements that comprise the Raw Steels MMI®.

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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.

On June 4, 2012, the day’s biggest mover on our steel price index was the US HRC futures contract spot price, which saw a 4.5 percent decline to $630 per short ton. The 3-month price of US HRC futures contract showed little movement on Monday, hovering around $650 per short ton.

Chinese steel prices, meanwhile, closed flat for the day.

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The cash price of steel billet saw a 3.6 percent drop on the LME on June 1, 2012, landing at $385 per metric ton and making it the biggest mover of the day on our steel price index. Also on the LME, the steel billet 3-month price fell 3.2 percent to $387 per metric ton.

Chinese steel prices, meanwhile, closed flat for the day.

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Following two days of increases on the LME, the 3-month price of steel billet dropped by 2.7 percent to end at $400 per metric ton on May 31, 2012. The LME steel billet cash price changed direction with a 2.6 percent drop. After two days of improving prices, the finished at $399 per metric ton.

Chinese steel prices and raw material inputs were flat for the day.

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The week’s biggest mover on the Automotive MMI® was the price of US platinum bar, which saw a 1.9 percent decline to $1,398 per ounce. Last week marked the fourth in a row of declining prices for the metal. The price of US palladium bar rose 1.2 percent to $602.00 per ounce after falling 1.3 percent during the previous week.

Meanwhile, the price of US HDG fell 0.5 percent over the past week. This was the third week in a row of declining prices.

Closing out the third week of declining prices, the LME cash price of primary copper dropped by 1.2 percent, finishing at $7,540 per metric ton. For the third week in a row, the 3-month price of copper dropped, falling 0.6 percent on the LME to $7,545 per metric ton.

The Chinese lead price dropped 0.3 percent this week, closing out the third consecutive week of falling prices, while prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week under $5 per kilogram.

The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

Following two days of increases on the LME, the 3-month price of steel billet dropped by 2.7 percent to end at $400 per metric ton on May 31, 2012. The steel billet cash price changed direction with a 2.6 percent drop. After two days of improving prices, the finished at $399 per metric ton on the LME.

Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 850 ($133) and a low price of CNY 840 ($132) per dry metric ton. At CNY 4,150 ($654) per metric ton, the price of Chinese HRC was essentially unchanged. The price of Chinese coking coal saw little movement at CNY 1,780 ($280) per metric ton.

After two changeless days, the US HRC futures contract 3-month price fell 0.8 percent to $650 per short ton. After holding steady for the past few days, the US HRC futures contract spot price fell 0.3 percent, closing at $660 per short ton.

The week’s biggest mover on the Automotive MMI® was the price of US platinum bar, which saw a 1.9 percent decline to $1,398 per ounce. Last week marked the fourth in a row of declining prices for the metal. The price of US palladium bar rose 1.2 percent to $602.00 per ounce after falling 1.3 percent during the previous week.

The price of US HDG fell 0.5 percent over the past week to $798 per short ton. This was the third week in a row of declining prices.

Closing out the third week of declining prices, the cash price of primary copper dropped by 1.2 percent on the LME, finishing at $7,540 per metric ton. For the third week in a row, the 3-month price of copper dropped, falling 0.6 percent on the LME to $7,545 per metric ton. The Chinese lead price dropped 0.3 percent this week, closing out the third consecutive week of falling prices at CNY 15,250 ($2,403) per metric ton. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week at KRW 4,360 ($3) per kilogram.

The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive 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 week’s biggest mover on the Raw Steels MMI® was the 3-month price of steel billet, which saw a 2.4 percent decline on the LME to $411 per metric ton. Last week marked the fourth in a row of declining prices for the metal. The steel billet cash price dropped 2.1 percent on the LME this week, closing out the third consecutive week of falling prices at $410 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 ($132) per dry metric ton. The price of Chinese HRC rose 0.5 percent to CNY 4,150 ($655) per metric ton after falling 1.7 percent during the previous week. Chinese coking coal remained essentially flat from the previous week at CNY 1,780 ($281) per metric ton. Closing out the third week of declining prices, the price of Chinese slab dropped by 1.7 percent, finishing at CNY 4,020 ($634) per metric ton.

Following a 0.5 percent drop, the spot price of US HRC futures contract finished the week at $662 per short ton. Prices for US shredded scrap remained constant, closing the week at $432 per short ton. The 3-month price of US HRC futures contract closed at $655 per short ton after a flat week.

Korean steel prices were flat for the week. At KRW 440,000 ($376) per metric ton, the week finished with no movement for Korean steel scrap. Korean pig iron prices held steady 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.

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