Chinese H-beam steel finished as the week’s biggest mover on the Construction MMI® with a 3.2 percent price decline. The Chinese low price of 62% Australian iron ore fines fell 1.9 percent over the past week. This was the third week in a row of declining prices.
US shredded scrap and Chinese rebar prices also fell.
Silicon’s 6.2 percent decline made it this week’s biggest mover on the Renewables MMI®.
Meanwhile, the latest monthly update of the US GOES (Grain-Oriented Electrical Steel) price shows that it dropped 5.8 percent. (The actual US GOES price is available in the MetalMiner IndX℠.)
The day’s biggest mover on our steel price index was the LME steel billet 3-month price, which dropped by 4.6 percent on May 22, 2012 to close at $411 per metric ton on the LME. The cash price of steel billet was off by 4.4 percent on the LME on Tuesday, falling from $410 to $410 per metric ton.
Chinese steel prices, on the other hand, were mixed for the day.
Silicon’s 6.2 percent decline made it this week’s biggest mover on the Renewables MMI®, closing at CNY 13,600 ($2,151) per metric ton. The price of Chinese cobalt cathodes declined two percent over the past week, settling at CNY 245,000 ($38,754) per metric ton. At CNY 715,000 ($113,099) per metric ton, the price of neodymium did not change since the previous week. Chinese steel plate remained essentially flat from the previous week at CNY 4,810 ($760) per metric ton.
Closing at JPY 80,000 ($1,009) per metric ton, Japanese steel plate remained unchanged for the week. Korean steel plate traded sideways last week, hovering around KRW 1.1 million ($940) per metric ton. Chinese steel plate prices held steady from the previous week at CNY 4,810 ($760) per metric ton. After a 1.2 percent decline, US steel plate closed out the week at $900 per short ton.
The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables 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 day’s biggest mover was the steel billet 3-month price which dropped by 4.6 percent on May 22, 2012 to close at $411 per metric ton on the LME. The cash price of steel billet was off by 4.4 percent on the LME on Tuesday, falling from $410 to $410 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. At CNY 4,090 ($646) per metric ton, Chinese slab fell 0.7 percent yesterday. Chinese HRC saw little change in its price yesterday at CNY 4,130 ($653) per metric ton.
The 3-month price of US HRC futures contract 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 price change yesterday at $665 per short ton.
Closing at CNY 3,950 ($624) per metric ton on the Construction MMI®, Chinese H-beam steel finished as the week’s biggest mover with a 3.2 percent decline. The Chinese low price of 62% Australian iron ore fines fell 1.9 percent over the past week to CNY 1,030 ($162) per dry metric ton. This was the third week in a row of declining prices. At CNY 4,180 ($661) per metric ton, the price of Chinese rebar finished the week down 1.6 percent. US shredded scrap fell 0.2 percent over the past week to $432 per short ton.
Prices for Chinese aluminum bar remained constant, closing the week at CNY 14,050 ($2,222) per metric ton. Following a steady week, prices for European 1050 aluminum closed flat at EUR 2,327 ($3,055) per metric ton.
After a two percent decline, weekly US Midwest bar fuel surcharge closed out the week at $0.53 per short ton. Weekly US Gulf Coast bar fuel surcharge prices were off slightly at $0.53 per short ton, down from $0.54 a week ago. The price of weekly US Rocky Mountain bar fuel surcharge declined 0.6 percent over the past week, settling at $0.56 per short ton.
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.
