Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Ferrous Market Update 07/16/2021



  • The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged on Friday amid sluggish negotiations.
  • Business activity remained slow ahead of the Kurban Bayrami holiday on Jul 19-23 with most mills expected to continue purchasing cargoes for August shipments only after the holidays.
  • Spot rebar prices in the Turkish domestic market declined by TRY20/mt on Friday amid currency fluctuations. In the export market, Turkish rebar remained flat. ($1=TRY8.53)



Turkey domestic


  • The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey inched up by TRY1/mt on Monday after one mill raised its purchase price.
  • Kardemir announced new purchase price for DKP grade on Jul 6, increasing it by TRY50/mt, while the other steelmakers kept their purchase prices at previous levels.
  • Purchase prices for shipbreaking scrap in the Izmir region remained flat. ($1=TRY8.63)




  • The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap declined by $1/mt in the Baltic Sea and by $3/mt in the Black Sea on Monday in a challenging export market.
  • Some Russian exporters are trying to negotiate with Turkish mills, which are insisting on discounts after they achieved lower prices in deals for American and European scrap. Buyers found enough offers for August shipment cargoes and dropped bids for HMS 1&2 (80:20) from St Petersburg and for A3 material from Rostov-on-Don.
  • Collection prices diverged in Russia depending on the region. The weekly Davis Index for A3 scrap decreased by RUB375/mt in St Petersburg dock on Monday but increased by RUB375/mt in Rostov-on-Don dock. ($1 = RUB74.39)




  • The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region decreased by €8/mt on Tuesday amid a downtrend in the export market.
  • Ferrous scrap exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) cut collection prices in a bearish market as Turkish importers target lower prices. The negative sentiment is fuelled by sales from the USA at $485/mt cfr for HMS 1&2 (80:20) and at $500/mt cfr for shredded scrap to a Marmara-based mill. (€1 = $1.18)


UK dockside


  • Davis Index’s weekly UK HMS 1&2 (80:20) ferrous scrap indices increased by £5/mt delivered dockside in the north and remained unchanged in the south on Tuesday. 
  • North UK ferrous scrap dockside purchase prices increased with one UK bulk processor heard aggressively bidding for HMS 1&2 (80:20) feed at £290/mt, delivered dockside, in the northeast. 
  • Elsewhere, south UK dockside rates were little changed with most bulk ferrous scrap exporters waiting for cues from major seaborne trade routes.
  • Recent weakness emerging in Turkish ferrous scrap import prices in the past 24 hours has prompted some bulk processors to contemplate revising their purchase prices lower soon.
  • Those merchant and bulk suppliers that concluded business with domestic smelters in early July may have benefitted from selling at a recent peak, with mills paying £5-8/mt up on last month. 
  • The weekly indices for UK OA (Plate & Structural) reflected the moves in HMS 1&2 (80:20) with north up £5/mt delivered dockside and south trending flat, while the north and south UK 5A/5C (frag feed) ferrous scrap indices remained unchanged over the week. (£1 = $1.39)


UK domestic


  • Davis Index’s monthly UK 1&2, 3B, and OA ferrous scrap consumer indices increased by £5-8/mt ($7-11/mt) delivered mill.
  • UK smelters were heard to have settled monthly mill-yard negotiations relatively early in July, with some pre-empting potential price hikes in the seaborne market.
  • So far, those concerns appear unfounded as prices on major seaborne trade routes, particularly to Turkey, have softened over the past week. The weakness has partly been down to large bulk exporters in the UK and USA holding relatively large volumes of inventories.
  • A UK-based ferrous scrap trader commented that a large British bulk processor’s capacity is approximately two-thirds full across the country. As a result, it looks as though bulk exporters may start to drop dockside purchase prices relatively soon to stem the flow of material into their yards.
  • A UK bulk processor was also heard to be aggressively bidding for HMS 1&2 feed at £290/mt, delivered dockside, in the northeast of England.
  • Davis Index’s monthly 4A/4C, 8A/8B, 12A/C, and 12D ferrous scrap consumer indices were unchanged. (£1=$1.39)




  • Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indexes were unchanged on Friday.
  • The extent of declines in Spanish import prices has been limited by relatively stronger continental European ferrous scrap benchmarks over the past couple of weeks. Still, some UK suppliers are rumoured to be sitting on relatively large stockpiles and have also been applying downward pressure to this regional shortsea small bulk market. Despite this weakness in shortsea pricing dynamics, European ferrous scrap demand fundamentals are heard to be well-supported by strong steel order books out to the end of the year.
  • A Spanish ferrous scrap buyer commented that prices are expected to revert to mean once the wealth of suppliers’ ferrous scrap inventories have been cleared.
  • Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indexes dropped by €5/mt fob, respectively, during the week. (€1=$1.18)


US dockside


  • US East Coast and Houston collection prices for ferrous scrap remained rangebound, though trending downward this week on healthy scrap supply. Docks are also facing sustained export weakness and see falling prices for latest export bookings.
  • Market participants near the East Coast have noticed several dealer yards have been receiving higher volumes of intake material compared to the volume of scrap they are able to move outbound. Many sellers feel this may continue through the summer months.
  • Dockside sales for #1 HMS on the East Coast still range between $365-395/gt based on dock location and base price from prior sales. Market participants witnessed price decay of about $5/gt last week on the East Coast and anticipate further decay of $5-10/gt over the next week.
  • The Davis Index for US HMS 1&2 (80:20) exports to Turkey have gradually ticked below $500/mt cfr recently. On Tuesday, the index for the grade is at $484.89/mt cfr compared to $500.82/mt cfr last week on July 6. Looking at a monthly view, the grade is down $18.59/mt compared to 503.48/mt cfr for the export grade on Jun 15.
  • In Boston, prices have remained untouched for a few weeks and are still under surrounding docks. The weekly Davis Index for export yard #1 HMS, P&S 5ft and shredder feed index stayed flat delivered Boston export yard.
  • The weekly Davis Index for export yard buying prices in New York fell $2/gt for #1 HMS delivered, P&S 5ft dropped $3/gt and shredder feed moved down $6/gt delivered New York dock.
  • In Philadelphia, the Davis Index for export yard collection prices moved down $2/gt for #1 HMS delivered and P&S 5ft fell $3/gt delivered Philadelphia dock. The index for shredder feed fell by $7/gt delivered.
  • In Houston, the weekly Davis Index increased $6/gt for #1 HMS delivered, P&S 5ft and shredder feed remained unchanged at Houston dock. The index shows upticks for #1HMS, based on latest sales, but no increase announcements were made. Overall flows continue moving at rangebound prices between $415-430/gt.
  • Dockside ferrous scrap prices on the US West Coast rose on Tuesday, this week after trending flat over the past month. The trend opposed the East Coast, which remained flat or adjusted downward on the changes in Turkish import scrap deals that moved the Davis Index for US-origin HMS 1&2 (80:20) down by $15.93/mt  to $484.89/mt cfr from $500.82/mt cfr on Tuesday week-on-week. 
  • On the West Coast all three regions of Los Angeles, San Francisco, and Portland saw increased prices on tight scrap inventory, vessel fulfillments, competing rising container prices, and overall expectations that ferrous scrap will be sought by export markets after some ongoing holidays and COVID-19 concerns have economies return to usual activities.
  • Several market participants reported that US ferrous August domestic scrap prices could decline $20-30/gt but such will give exporters an opportunity to place more material off the East Coast as export prices were cost-prohibitive for some buyers. Off the West Coast, demand continues from Mexican steel mills and US domestic mills.
  • Additionally, some market participants also postulate that scrap yards want to be ready for the demand that could build as a result of less domestic scrap in buying countries in Asia as a result of COVID-19 lockdown restrictions. Iron ore prices dipped $3/mt to $218/mt cfr China on Fe 62pc on Tuesday against a week ago which continue supporting strong ferrous scrap prices.
  • Japanese export softened offers slightly amid softness in Japanese Kanto tender but finished steel prices rose. Domestic scrap prices were predominantly flat in Taiwan and South Korea while domestic scrap prices fell in domestic Malaysia, Thailand and Vietnam.
  • The weekly Davis Indexes in Portland for export yard scrap rose for #1 HMS by $13/gt delivered, P&S 5ft climbed by $11/gt delivered, and shredder feed increased by $20/gt delivered export yard.
  • The San Francisco weekly Davis Indexes also trended up with #1 HMS rising by $13/gt delivered, P&S 5ft increasing by $16/gt delivered, and shredder feed up by $13/gt delivered.
  • In Los Angeles, the Davis Index dock prices rose by $14/gt on #1 HMS. P&S 5ft climbed by $13/gt delivered, and shredder feed grew by $17/gt delivered.
  • Los Angeles container prices have increased by $5/mt to $415-420/mt fas on HMS 1&2 (80:20) from the more common levels of $410-415/mt fas heard last week. A few market participants did express concern that containers could adjust down in August with a downward US domestic ferrous move, while others expect container activity to surge in August-September.


US containers


US containerized ferrous scrap prices corrected from the upward West Coast trend last week and were rangebound on the East Coast as both coasts saw declining indexes on softer market sentiment on Thursday.

  • Expectations for the US domestic scrap market has trended from sideways on secondary grades in June to an anticipated decline of $20-30/gt in August trading against recent early July trading settled prices. The US domestic scrap market began trading this week with mills trending at up $20/gt on prime grades such as #1 busheling and sideways on secondary grades against the June settled prices.
  • The weekly Davis Indexes in New York for #1 busheling dropped by $7/mt fas as HMS 1&2 (80:20) declined by $6/mt. Machine turnings fell by $8/mt, after trending flat the prior week. P&S 5ft and shredded dropped by $4/mt.
  • Sellers continue to find buyers dealing around $490-500/mt on shredded and P&S 5ft as the domestic trading subsided late last week but this week, some of those sales would be difficult to replicate. Indian buyers are limiting their import bidding activity on slow steel demand as Pakistan and Bangladesh. Buyers are also slowing purchases for mill use due to the upcoming Eid holiday.
  • In Los Angeles, the indexes for #1 busheling fell by $3/mt P&S 5ft declined by $7/mt. HMS 1&2 (80:20) and shredded both eroded by $5/mt.
  • Sellers report the market softening and a downward short-term trend of another $5-10/mt in the coming week. A large dock in LA is likely to drop dock prices after having raised in the past week on lower pricing expectations.
  • Buyers in Indonesia, Taiwan, and Vietnam are being affected by slow steel demand, which in some cases is being influenced by lockdowns due to ongoing COVID-19 outbreaks.
  • Japanese ferrous domestic scrap prices are trending flat, limiting export price offers but some market participants anticipate that these mills may adjust prices if their export markets are inactive due to limited trading activity.
  • San Francisco’s indexes declined after two successive weeks of increase. #1 busheling declined by $3/mt and HMS 1&2 (80:20) fell by $6/mt. P&S 5ft and shredded both lost last week’s gains with a decline of $5/mt each.
  • In Seattle, prices fell by $5/mt across all grades.




Mexico’s ferrous scrap prices were rangebound in North and Central Mexico but increased in the Bajio region on continued demand for scrap in the area. Overall, scrap prices in Mexico averaged a rise of MXN242/mt ($12.15/mt) this week.

  • Demand for prime grade #1 busheling remains strong with the weekly Davis Index for this grade increasing by MXN550/mt to MXN12,800/mt delivered in North and by MXN335/mt to MXN12,143/mt delivered Mexico consumer in the Bajio region.
  • The weekly Davis Index in North Mexico for #1HMS remained unchanged on Friday. P&S 5ft shredded, and machine shop turnings also held unchanged respectively.
  • In Central Mexico, the weekly Davis Index for #1HMS climbed by MXN50/mt delivered on Friday. Shredded increased by MXN70/mt delivered Mexico consumer, while P&S 5ft, machine shop turnings and #1 busheling trended flat.
  • Bajio Mexico’s weekly index for #1HMS climbed by MXN264/mt delivered Mexico consumer on Friday, while P&S 5ft rose by MXN295/mt delivered. Shredded increased by MXN45/mt delivered, while machine shop turnings moved up by MXN329/mt delivered and #1 busheling jumped MXN335/mt delivered. ($1=MXN19.92)




  • Tokyo Steel hiked finished steel prices by 2.54-4.64pc for August shipments due to strong demand.   
  • Bids for #2 HMS remain unchanged at JPY49,000/mt ($444.33/mt) del Utsunomiya, and JPY49,500/mt ($448.87/mt) at Takamatsu. 
  • The weekly index for #2 HMS, Wednesday, fell by JPY500/mt fob and fas Japan. The index for Japanese P&S 5ft (small bulk) settled flat cfr China port. Markets were largely silent.   
  • Offers for Japanese #1 busheling (Shindachi) fob rose amid a short supply of high grades. The weekly index for the grade rose by JPY3,500/mt fob Japan while the index rose by JPY4,000/mt ($36.20/mt) fas Japan. 
  • The weekly Davis Index for shredded, Wednesday, rose by JPY3,000/mt ($27.15/mt) and the index for HS fas Japan was up by JPY2,750/mt ($24.89/mt).   
  • The weekly index for Japanese HMS 1&2 (50:50) fell by $5/mt cfr Haiphong. The index for Japanese HMS 1&2 (50:50), Wednesday, fell by $5/mt cfr Taiwan.
  • The prices of #2 HMS and prime grades are heading northwards amid strong demand and scarce supply. 
  • A gap between HS and H2 prices is widening amid strong demand for primes. The difference is now around JPY15,000/mt. ($1 = JPY110.17)


South Korea


  • The weekly Davis Index for domestic Heavy A settled flat del Incheon and del Pohang, while the index for Light A was also unchanged del Pohang. 
  • The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, fell by $2/mt cfr South Korea. The market is mostly quiet. 
  • The weekly Davis Index for P&S 5ft, Wednesday, dropped by $1/mt cfr South Korea. The index for shredded settled flat cfr South Korea. The weekly Davis Index for HMS #1, Wednesday, dropped by $2/mt cfr South Korea. ($1 = KRW1142.27) 





  • The weekly Davis Indexes for domestic HMS 1&2 (80:20) remained flat del Northern and Southern mill. Feng Hsin Steel kept its scrap purchase bids and rebar prices flat for the week. 
  • Taiwan’s imported ferrous scrap market continues to struggle with slow demand. The weekly Davis Index for containerized #1 HMS dropped by $8/mt whereas the index for #1 bushelling dropped by $2 cfr Taiwan. 
  • The index for shredded dropped by $9/mt cfr Taiwan, the index for P&S 5ft dropped by $8/mt. ($1 = TWD27.99)





  • The weekly Davis Index for HMS 1 & 2 (80:20) remained flat on Tuesday. 
  • International iron ore Fe 62pc were above $222/mt cfr North China and are likely to rise further on further. 
  • On Friday, Chinese steel futures for rebar and HRC maintained an uptrend instilled by positive sentiment and reduction in bank reserve cut. Domestic billet prices rose by CNY20/mt from a day ago to CNY5,160/mt ex-Tangshan inclusive of VAT. Prices rose by CNY80/mt from last Friday. ($1 = CNY6.47) 





  • The weekly Davis Index for HMS 1&2 (80:20) in Vietnam dropped by VND138,147/mt ($6/mt) delivered Southern mill. The increasing COVID-19 cases led the Vietnamese government to impose a strict two-week lockdown in the country’s capital and commercial hub Ho Chi Minh city. This week many factories suspended operations to protect workers and curb the spread of the virus. 
  • The weekly Davis index for containerized #1 HMS, Thursday, dropped by $8/mt cfr Vietnam. The weekly index for shredded dropped by $9/mt cfr Vietnam, while the index for P&S 5ft dropped by $8/mt cfr Vietnam.
  • The weekly Davis index of HMS 1&2 (80:20) went down by $8/mt cfr Vietnam from the prior week. ($1 = VND23,006.28)





  • The weekly Davis index for P&S 5ft fell $1/mt cfr Indonesia port. 
  • The weekly Davis Index for shredded dropped by $1/mt while the index jumped by $1/mt cfr Indonesia port for #1 busheling. 
  • Much of the ferrous scrap trading in Indonesia is halted due to the extension of lockdown until July 20. Steel production and scrap generation were impacted as industrial oxygen is diverted for medical use. ($1 = IDR14,479.45)   





  • The weekly Davis index for domestic HMS 1&2 (80:20) fell by THB195/mt ($6/mt) del Rayong mill. Thai mills continued to stay silent amid COVID-19 restrictions. ($1 = THB32.76) 





  • The weekly Davis Index for HMS 1&2 (80:20) fell by MYR10/mt del eastern mill and del western mill. Malaysia continues to be under a strict lockdown.  ($1 = MYR4.21)




  • Indian buyers hoped for a decline in imported ferrous prices following a $15/mt dip in the Turkey market from a week ago. Sellers, however, were unwilling to negotiate at present bid levels lagging $40-50/mt behind their asking prices amid tight scrap supply as well as a shortage of containers. 
  • Some traders were hopeful for recovery in demand by the month-end driven by active bulk billet deals in China at prices higher by $20-25/mt from the prior week. 
  • A monsoon lull, depreciated Indian currency, and uncertainty over a third COVID-19 wave added to the bearish sentiment. Eid holidays next week could keep trading for UAE-origin material paused. 
  • The daily Davis Index for containerized shredded on Friday, was unchanged cfr Nhava Sheva. The index rose by $4/mt from last Friday on firm prices in other subcontinental markets. 
  • The weekly indexes for P&S and #1 busheling cfr Nhava Sheva, both rose by $4/mt from July 9. 
  • Most sellers in the UAE have turned silent ahead of the Eid holidays. The daily Davis Index for UAE-origin HMS 1&2 (80:20) settled down by $2/mt cfr Nhava Sheva amid a lack of demand in the Indian market.
  • In a silent market, the daily Davis Index for US-origin HMS 1&2 (80:20 declined $1.25/mt. The index was up by $7.5/mt from July 9. 
  • Active demand for billets in China boosted sentiment in India. Offers on Friday neared $710-720/mt cfr China after trades at $705-710/mt cfr. The price gap between China and other buyers in Southeast Asia has widened to $25-35/mt than the previous $5-10/mt. Indian mills seized the export opportunity, offering competitive prices on soft domestic demand. ($1=Rs74.64)


India domestic


This week, demand for ferrous scrap in the North remained tepid as mills stayed away from purchases amid weak steel demand from end-users. The daily Davis Index for HMS 1&2 (80:20) declined by Rs600/mt del Mandi Gobindgarh. 

  • But in Mumbai, the index for HMS 1&2 (80:20) rose by Rs800/mt del mills amid tight supply and rise in rebar prices.





  • Pakistani importers slowed purchases of ferrous scrap after active trading ahead of the Eid-al-Adha. Following the decline in bulk prices, Pakistani bids dropped, but not to the same extent as in Turkey. 
  • Domestic scrap and billet prices declined by PKR2,500-3,000/mt from the prior week. Participants expect trades to stay very slow over the next week as the economic activities and bank operations are likely to be closed for a minimum of three days on Eid holidays followed by a weekend.  
  • The daily Davis Index for containerized shredded, Friday, cfr Port Qasim, fell by $2/mt. Prices dropped from the peak at $550/mt cfr Qasim. Deals for shredded heard at lowered prices in the last two days after the decline in bids from mills on global cues.  
  • Sellers in the UAE could return only on July 25, with four days of official Eid holidays from July 19-22. The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, settled cfr port Qasim, down by $2/mt. The index however rose by $5/mt from the prior Friday. 
  • The daily index for US-origin HMS 1&2 (80:20), Friday, cfr Port Qasim, down by $1.25/mt from a day ago as well as from the prior Friday. In the US domestic market, HRC prices were above $1,820-1,850/nt ex-works, keeping demand for ferrous scrap healthy.  
  • From prior Friday, the Davis Index for P&S 5ft was down $2/mt, while that for #1 busheling was unchanged. The supply of high-grade scrap remains tight while the demand side too lagged on high offers. 
  • The weekly Davis Indexes for rebar rose by PKR250/mt ex-works Karachi and Punjab. On Friday, a Lahore-based steelmaker was heard to have hiked rebar prices by PKR4,000/mt, keeping sentiment boosted for post-Eid sales. Mills focussed on clearing utility bills due in the last week of the month amid declined margins. Overall, the ongoing monsoons have kept trading slow. 
  • Steelmakers like Aisha Steel and International Steel have announced a price hike for flat steel, including HRC by PKR5,850/mt ($36.8/mt) ex-works.  
  • The weekly index for domestic Bala billet dropped by PKR2,500/mt ($16/mt) ex-works. 
  • On softening global prices and slowing demand, the weekly indexes for Art Q toke scrap (equivalent to a mix of HMS and P&S) and Pure Q toke scrap (equivalent to shredded), Friday, fell by PKR2,500/mt ex-yard Lahore. ($1=PKR159.6) 





  • The government has eased the national lockdown on July 15 for seven days for the Eid-al-Adha festival. The country will go into stringent lockdown for two weeks starting July 23 again post-holidays.
  • Most mills stayed away from imported ferrous scrap bookings as steel sales and prices, both remain below their expectations. 
  • For government projects, contractors were unwilling to purchase steel at firm prices due to predetermined contract amounts. Mills were thus unable to raise finished steel prices despite a jump in the raw material prices. 
  • A few mills continued to supply oxygen for COVID-19 patients, which affected production and scrap demand. Mills with shipbreaking yards opted for scrapped vessel purchases over imported scrap. 
  • The daily Davis Index for containerized shredded on Friday cfr Chattogram, fell by $0.50/mt. From the prior Friday, the index rose by $1.25/mt. 
  • The daily indexes for UK-origin and Australia-origin HMS 1&2 (80:20) cfr Chattogram fell $1/mt. From the prior Friday, the index for UK-origin rose by $4/mt, while the index for Australian HMS 1&2 (80:20) was up by $5/mt amid an uptick in trades early this week ahead of Eid holidays. Deals for Latin America, HMS 1&2 (80:20) were reported at $515-518/mt cfr Chattogram. 
  • Domestic steel prices were under pressure amid slow trading. The weekly indexes for ship scrap equivalent to P&S and HMS 1&2 (80:20) settled ex-yards, down BDT250/mt. 
  • The weekly index for billet inched down by BDT250/mt ex-works. Billet makers focussed on domestic sales as prices in the export market are at least $100/mt lower than the workable levels for Bangladeshi mills. 
  • The weekly indexes for rebar from large-scale, medium-scale, and small-scale mills settled unchanged ex-works. For shipbreakers, offers remained elevated nearing $600/ldt levels.  ($1=BDT84.73)







  • The weekly Davis Index for basic pig iron (BPI) remained unchanged at New Orleans port on Friday in a quiet market. The weekly Davis Index for CIS BPI decreased by $8/mt fob Black Sea due to lack of demand.
  • BPI prices remain in the range of $645-655/mt cfr Nola while the latest CIS offers are scarce and still bullish as producers mull the effect of Russia’s tariffs on the market. Sellers’ targets vary from $650/mt cfr Nola to $700/mt cfr.
  • The Davis Index for nodular pig iron (NPI) imports held flat at Nola. The grade is in tight supply with offers for later shipment only. Latest offers for NPI continue firm at $750-780/mt cfr Nola with bids just under this low point.
  • US hot briquetted iron (HBI) imports are also flat at Nola. Offers and bids have not been heard for the grade. The material’s price level is in line with the latest offers together with a price estimation based on comparable grades.
  • Some activity was mentioned in the European pig iron market. A new booking was heard in Italy, where 5,000mt of Ukrainian material changed hands at around $660/mt cfr. As a result, the weekly Davis Index for CIS BPI in Italy increased by $5/mt. A Russian exporter sold a similar cargo to Spain at $710/mt cfr.
  • A new transaction for pig iron was fixed in Asia, where a Russian exporter sold 5,000mt of the material at $740/mt cfr to South Korea.





  • In a week, the index for sponge iron rose by Rs1,300/mt ($17.42/mt) del Mumbai mills amid a rise in input cost but declined in Mandi Gobindgarh by Rs200/mt del mills as mills stayed away from purchases. 



Semi-finished and finished steel


  • The index for billet in Mumbai rose by Rs500/mt ($7/mt) ex-works from last Friday, following an increase in rebar prices. The price rise was also supported by an increase in local scrap prices. 
  • In Raipur, the index for billet rose by Rs700/mt ($10/mt) ex-works from the previous Friday due to supply crunch as some mills had cut production by 30-50pc in Central India. 
  • In Mandi Gobindgarh, the index fell by Rs400/mt ($5/mt) ex-works from the previous Friday. 
  • In Chennai, the index for billet was up by Rs800/mt ($10/mt) ex-works on Thursday from the previous week following a rise in rebar prices.





  • Shipbreaking scrap prices remained firm this week as supply remained tight. The index for 12Ani rose by Rs100/mt ex-Alang from a week ago. The index for HMS attachments and Melting also rose by Rs100/mt ex-Alang. 


  • Demand for ship plates remained low in the construction sector, and the index for 2kg plates declined by Rs500/mt ex-Alang in the same period, while the index for 5kg plates fell by Rs400/mt ex-Alang.


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