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Steel Scrap Price In Korea Skyrockets On Weekly Index

ByMetalMiner
Published 08/30/2013, 01:54 AM
Updated 07/09/2023, 06:31 AM

Korean steel scrap improved by a whopping 10.9% on the weekly Raw Steels MMI®. The U.S. shredded scrap, for its part, and kept steady.

China, the US Still Producing Steel
According to a World Steel Association report, "global crude steel production trudged higher in July as gains in the U.S. and China capped lower volumes across some of the key global markets." The international trade body for the iron and steel industry said that crude steel output for 64 reporting nations moved up 2.7% year over year in July to touch 132 million tons (Mt). This compares favorably with a 1.9% rise in June.

That includes rises in Asian steel markets as well as in the U.S.

More Steel and Raw Materials Prices

Korean pig iron prices held steady from the previous week.

The China price of iron ore experienced 58% fines from India remained rather rangebound. Chinese HRC saw a 1.4% decline over the past week. The Chinese slab remained essentially flat from the previous week, and Chinese coking coal remained unchanged for the week.

On the LME, the 3-month price of steel billet traded sideways last week, hovering around $160.00 per metric ton. At $140.00 per metric ton, the cash price of steel billet remained essentially flat on the LME.

The 3-month price of the US HRC futures contract remained steady from the previous week at $631.00 per short ton. The spot price of the US HRC futures contract stayed essentially flat at $648.00 per short 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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