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Ferrous market update: June 7-11

Ferrous Market Update 06/11/2021

 

Turkey

  • The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.61/mt cfr on Friday following a growing price gap between HMS 1&2 (80:20) and shredded scrap.
  • A Canadian recycler continued selling to Turkey and closed a fresh deal with an Iskenderun-based mill at $507/mt cfr for 17,500mt of HMS 1&2 (95:5) and at $522/mt cfr for 17,500mt of shredded scrap. The same supplier was also heard to have sold a similar cargo to an Izmir-based mill.
  • Turkish mills require scrap for July shipment, but bids for HMS 1&2 (80:20) from the USA and the Baltic region vary at $500-505/mt cfr, while mills are ready to pay up to $20/mt more for shredded scrap due to its limited availability.
  • Spot rebar prices in the Turkish domestic market climbed by TRY10/mt at the upper end of the previous range ex-works on Friday. Icdas dropped its local rebar prices by TRY160/mt ex-works Biga and Istanbul due to currency fluctuations. All domestic prices include 18pc VAT.
  • In the exported rebar market Turkish mills raised offers to $750-780/mt fob actual weight, having sold significant tonnages at $740-745/mt fob. ($1=TRY8.37)

 

Turkey domestic

  • The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey declined by TRY5/mt on Monday after one mill dropped its purchase price.
  • Kardemir announced a new purchase price for DKP grade at TRY4,280/mt delivered on Jun 1, decreasing it by TRY250/mt, while the other steelmakers kept their purchase prices at previous levels.
  • Purchase prices for shipbreaking scrap in the Izmir region remained unchanged for the second consecutive week. ($1=TRY8.62)

    CIS

  • The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap declined by $3/mt in the Baltic Sea and by $2/mt in the Black Sea on Monday due to sluggish demand.
  • Most Russian suppliers decided not to make offers to Turkey as demand in that region remained muted after Turkish mills stepped following significant scrap bookings to focus on steel product sales.
  • Market sentiment in Russia has remained bearish since Turkish importers expect scrap prices to fall to $490/mt cfr for HMS 1&2 (80:20) from St Petersburg and to $470/mt cfr for A3 from Rostov-on-Don.
  • In the meantime, collection prices in Russian export yards increased amid a firm domestic market with the weekly Davis Index for A3 scrap rising by RUB600/mt in St Petersburg dock and by RUB150/mt in Rostov-on-Don dock. ($1=RUB72.88)

 

Europe

  • The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region slipped by €1/mt on Tuesday amid stiff competition from local mills.
  • Most exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) opted to hold collection prices due to the slow inflow of material despite the absence of fresh sales to Turkey.
  • Moreover, Turkish mills returned to the market after a Baltic supplier booked a cargo of HMS 1&2 (80:20) at $501/mt cfr Turkey and shredded and bonus scrap at $511/mt cfr, which has improved market sentiment. (€1 = $1.22)

 

UK dockside

Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £8/mt ($11/mt) delivered dockside, on Tuesday.

  • UK dockside ferrous scrap purchase prices increased by £4-8/mt over the past week, depending on grade, as bulk processors paid up to secure quality grades to fill pre-booked vessels.
  • A UK-based trader commented that some very large exporters wanted to make sure they secured the volumes and quality as they had short-sold cargoes.
  • That said, a large UK bulk ferrous processor only made modest adjustments to its relatively low dockside rates, widening the range between highest and lowest paid to £20/mt cross-country.
  • The weekly indices for north and south UK OA (Plate & Structural) edged down by £4/mt delivered dockside while north and south UK 5A/5C (frag feed) ferrous scrap indices climbed by £5/mt on the same basis. (£1=$1.41)

 

Spain 

  • Small bulk shortsea markets rebounded over the past week with suppliers raising offer prices by €20/mt, citing stronger European demand.
  • Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices increased by €5-7/mt ($6-8/mt) cfr, respectively, on Friday.
  • While offer prices for HMS1&2 (80:20) to Spain have approached €400/mt, Spanish bids have certainly not increased at the same pace as buyers try to delay sharp price hikes.
  • Davis Index understands that the last transacted price was approximately €380-385/mt cfr Northern Spain, though some suppliers claim that is now well out of the market.
  • A large European supplier commented that they had sold E1 (old light ferrous scrap) at €400-410/mt, delivered mill in the past 48 hours.
  • The same bulk exporter noted that as a result offer the price of €400/mt for HMS 1&2 (80:20) to northern Spain might soon become a reality.
  • Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices nudged up by €4/mt fob during the week.

 

US domestic

  • The US ferrous scrap market’s June trading activity settled quickly and in synch with expected price changes throughout most markets.
  • Following Detroit mills’ announcements last Thursday, most regions continued the early price trend with prime grades such as #1 busheling trading at $50-60/gt increases against May settled prices while secondary grades including shredded, P&S 5ft and #1 HMS moved at $50/gt increases compared to May’s levels.
  • The Philadelphia market wrapped up before the weekend and described some reduced demand for prime grades that pushed up by $10/gt less than the surrounding regions. The Davis Indexes for both #1 bundles and #1 busheling increased by $50/gt delivered Philadelphia consumer. Secondary grades #1 HMS rose by $51/gt delivered and P&S 5ft increased by $50/gt delivered Philadelphia mill.
  • In Chicago, most deals finalized on Jun 4 with the remaining activity wrapping up by Monday. The monthly Davis Index for #1 busheling increased by $60/gt delivered Chicago mill. Both #1 HMS and P&S 5ft rose by $50/gt delivered Chicago consumer.
  • In the Southeast, #1 busheling rose by $63/gt delivered Birmingham consumer. Shredded was in high demand amid limited availability along with other obsolete grades, which gained $50-60/gt against May settled prices. The index for #1 HMS climbed by $57/gt delivered and P&S 5ft increased by $55/gt delivered. Shredded rose by $66/gt delivered while turnings rose by $53/gt delivered.
  • Most other regions throughout the Southeast including Arkansas and the Carolinas traded at a $50/gt increase on secondary grades against May settled prices while #1 busheling increased by $60/gt in most trades. In Houston, some sellers report achieving sales at increases of $60/gt across all grades compared to May settled prices while others reported a rise of $45/gt on some secondary grades and $50/gt increases on shredded. Trades on shredded in Houston increased by $10/gt delivered on the grade. 
  • Market participants are forecasting early sentiment for July and view either a sideways market at the low end or scrap will possibly move up $20/gt on continued mill demand, strong finished steel prices, tight scrap inventories as well as strong scrap export activity.

 

US dockside

  • US East Coast and Houston dock collection prices for ferrous scrap have risen this week on strong domestic markets. The growth follows rangebound to gradual increases over the past month, parallel to recent export activity.
  • The Davis Index for US HMS 1&2 (80:20) exports to Turkey have held firm since last week. Longer-term, monthly activity now shows little change for the export grade since May 11. 
  • Dockside sales for #1 HMS on the East Coast are generally up about $5-10/gt and range between $370-405/gt on Tuesday based on dock location and base price from prior sales. Shredder feed, in highest demand, is up $15-50/gt at various dockside locations, ranging between $310-340/gt.
  • In Boston, the weekly Davis Index for export yard #1 HMS inched up $5/gt and $6/gt for P&S 5ft delivered Boston dock. Shredder feed moved up $7/gt delivered Boston export yard. 
  • The weekly Davis Index for export yard buying prices in New York increased $12/gt for #1 HMS delivered, P&S 5ft rose $13/gt and shredder feed soared $28/gt delivered New York dock. 
  • In Philadelphia, the Davis Index for export yard collection prices rose $10/gt for #1 HMS delivered and P&S 5ft rose $9/gt delivered Philadelphia dock. The index for shredder feed jumped up by $26/gt delivered. 
  • In Houston, the weekly Davis Index moved up by $29/gt for #1 HMS delivered and moved up $34/gt for P&S 5ft delivered Houston dock. Shredder feed surged by $49/gt delivered. Houston dock prices jumped for the first time in about a month although domestic levels rose further.
  • US West Coast dock prices ticked up on the West Coast on Tuesday despite some hesitation amid the possibility that Turkish prices may dampen slightly and slower inquiries from Asian sellers. 
  • Market participants are concerned over Chinese activity that may place pressure on prices and affect import billet prices, resulting in some buyers preferring to focus on domestic scrap inventories given the high import prices.
  • The weekly Davis Indexes in Portland for export yard scrap trended slightly higher as domestic mills bid for scrap in the region with #1 HMS and P&S 5ft both rising by $5/gt. Shredder feed climbed by $6/gt delivered. 
  • In San Francisco, the Davis Indexes rose by $2/gt for #1 HMS delivered, P&S 5ft climbed by $3gt delivered, and shredder feed increased by $1/gt. Several small scrap yards reported increases in buys but were within the range already reflected in the previous weeks.  
  • Los Angeles dock price indexes rose again after the increase last week with #1 HMS increasing by $10/gt delivered and P&S 5ft climbing by $8/gt delivered. Shredder feed increased more substantially by $22/gt delivered. 

 

US containers

  • US containerized ferrous scrap prices trended up on the East Coast but trended sideways on the West Coast this week. 
  • Market participants noted increased activity on Thursday.
  • Buyers expressed interest in better grades though some sought HMS 1&2 (80:20) for immediate deals. 
  • Among Asian buyers, some from South Korea, Vietnam, and Taiwan withdrew from the containers market, while Indian importers who had remained away due to high prices, returned this week. Several traders noted buys at prices that were higher than deals closed last week on the East Coast. 
  • Indian domestic ferrous scrap prices are expected to increase on tight supply and resurging demand. 
  • Japanese steel prices firming up on domestic demand which will support strong domestic and export scrap ferrous offers.
  • The weekly Davis Indexes in New York rose on Thursday after softening in the previous week. Busheling and shredded increased by $12/mt while HMS 1&2 (80:20) climbed by $15/mt and P&S 5ft rose by $11/mt. Machine turnings were in high demand and moved up by $23/mt. 
  • In Los Angeles, the indexes rose for all grades except busheling. HMS 1&2 (80:20) and shredded inched up by $2/mt, P&S 5ft increased by $3/mt and #1 busheling fell by $4/mt.
  • San Francisco’s indexes remained mostly rangebound except for #1 busheling, which dropped by $5/mt to $425/mt. HMS 1&2 (80:20) and P&S 5ft held unchanged while shredded climbed by $2/mt.
  • The Seattle weekly indexes trended mostly flat due to the limited availability of containers. Market participants noted a surge in freight rates from the Pacific Northwest compared to Los Angeles, for example. The index for #1 busheling fell by $3/mt as P&S 5ft increased by $1/mt. HMS 1&2 (80:20) and shredded were unchanged week-on-week.

 

Mexico

  • Weekly Mexican ferrous scrap prices rose by MXN240/mt on average amid strong demand and limited supply.
  • Tight supply continues to challenge scrap yards across Mexico with some yards having to import the material to meet mill demand. Moreover, with US domestic scrap prices settling at an increase of $50-60/gt earlier this week against May settled prices, import prices of ferrous scrap into Mexico are also likely to get impacted.
  • The weekly Davis Index in Northern Mexico for shredded increased by MXN396/mt delivered Mexico consumer on Friday, while machine shop turnings rose by MXN110/mt delivered and #1HMS climbed by MXN40/mt. P&S 5ft increased by MXN25/mt delivered and #1 busheling prices were up by MXN150/mt delivered on Friday.
  • In Central Mexico, the weekly Davis Index for #1HMS climbed by MXN83/mt delivered Mexico consumer on Friday, while P&S 5ft fell by MXN133/mt delivered. Shredded increased by MXN25/mt delivered, machine shop turnings rose by MXN287/mt delivered Mexico consumer and #1 busheling dropped MXN63/mt delivered.
  • Bajio Mexico’s weekly index for #1HMS, P&S 5ft, shredded, and #1 busheling climbed by MXN250/mt delivered Mexico consumer, MXN250/mt, MXN50/mt and MXN300/mt delivered, respectively. Machine shop turnings fell MXN150/mt delivered. ($1=MXN19.95)

 

Japan  

  • EAF steelmaker Tokyo Steel kept its scrap purchase bids unchanged since May 18. Scrap supply continues to be tight in Japan, but demand has softened. 
  • The weekly index for #2 HMS, Wednesday, increased by JPY2,000/mt fob Japan and JPY1,500/mt fas Japan.
  • The weekly index for P&S 5ft (small bulk) China port went down by $10/mt. 
  • The weekly index for Japanese #1 busheling jumped by JPY3,000/mt fob and fas Japan. 
  • The weekly Davis Indexes for shredded and HS, Wednesday, climbed by JPY3,500/mt and JPY2,000/mt fas Japan, respectively. 
  • The index for Japanese HMS 1&2 (50:50) went up by $7/mt. 
  • The index for Japanese HMS 1&2 (50:50), Wednesday, increased by $22/mt cfr Taiwan. 
  • Japan’s monthly Kanto Tetsugen scrap tender, Wednesday, concluded at prices JPY345/mt ($3.15) higher than last month’s average of JPY48,830/mt fas. The only winning bid was from Nittetsu Busan for 7,500mt #2 HMS was at JPY49,195/mt ($449.5) fas Tokyo Bay. 
  • Japanese finished steel prices remained elevated on the strong demand outlook despite slow economic recovery. There is still uncertainty about the conduct of the Olympic Games. ($1=JPY109.53)

 

South Korea  

  • The weekly Davis Index for domestic Heavy A, Tuesday, dropped by KRW10,000/mt ($8.97/mt) delivered Incheon and Pohang. 
  • The weekly Davis Index for domestic Light A went down by KRW10,000/mt delivered Pohang mill.
  • The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, went up by $5/mt cfr South Korea. 
  • The weekly Davis index for P&S 5ft, Wednesday, rose $5/mt cfr South Korea, while the index for #1 HMS and shredded climbed up by $5/mt cfr South Korea. Offers for #2 HMS increased by JPY1,500/mt fas from the prior week.   
  • South Korea’s Hyundai Steel revised bids for Japanese small bulk cargoes by JPY1,000/mt ($9.13/mt) following the Kanto tender on Wednesday. Also, firm domestic demand from Japanese mini-mills pressurized the steelmaker to raise bids. 
  • Revised bids for #2 HMS were at JPY47,000/mt ($429.29/mt) fob Japan. ($1=KRW1,116.97)

 

Taiwan  

  • The weekly Davis Index for domestic HMS 1&2 (80:20) remained unchanged. Feng Hsin kept domestic scrap purchase prices unchanged this week. 
  • Prices are unlikely to rise for a while due to wet weather and weak billet demand in the region. 
  • Domestic scrap prices are slowly picking up, though not many deals were heard.   
  • The Davis Index for containerized #1 HMS Thursday jumped up by $7/mt from the prior week cfr Taiwan whereas the index for shredded rose $6/mt cfr Taiwan on Thursday. 
  • The indexes for P&S 5ft and #1 bushelling rose by $3/mt and $5/mt cfr Taiwan, respectively, on Thursday. 
  • The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday went down by $6/mt. The weekly Davis index for HMS 1&2 (50:50) went up by $22/mt cfr Taiwan port. 
  • Offers for HMS (90:20) from the US in containers were heard at $445/mt. 
  • Freight rates and global steel demand continued to remain firm. ($1=TWD27.63)

 

China

  • The weekly Davis Index for the HMS (80:20), Tuesday, fell by CNY320/mt ($50.08/mt) delivered mill. 
  • On Friday, Tangshan imposed the next round of emergency curbs on domestic steel mills, foundries, and steel re-rollers over June 10-15 to battle ozone pollution. ($1=CNY6.39)

 

Vietnam 

  • The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND250,000/mt ($10.90/mt) delivered Southern mill.
  • Vietnamese EAF makers have decided to stay away from ferrous scrap purchases on weak demand.
  • The Davis index for containerized #1 HMS, Thursday, went up by $1/mt from the prior week. On a weekly basis, shredded, P&S 5ft, and #1 bushelling indexes went up by $6/mt, $2/mt, and $5/mt, respectively. 
  • Offers for US-origin HMS 1&2 (80:20) dipped by $5/mt cfr Vietnam on weak demand that has continued since the last three weeks. ($1=VND22,942.78)

 

Indonesia

  • The weekly Davis index for P&S 5ft, shredded, and #1 busheling were unchanged. Trades for HMS 1&2 (80:20) in containers heard at $490/mt cfr Indonesia. 

 

Thailand

  • The weekly Davis index for domestic HMS 1&2 (80:20) declined by THB700/mt ($22.45/mt) delivered Rayong mill. 
  • Thai buyers were unwilling to bid above $430/mt cfr Laem Chabang for HMS 1 & 2(80:20). ($1=THB31.08)

 

Malaysia 

  • The weekly Davis Index for HMS 1&2 (80:20) fell MYR95/mt ($23.06/mt) and MYR100/mt ($24.27/mt) delivered eastern mill and delivered western mill, respectively. 
  • Malaysia is under a tight lockdown. ($1=MYR4.11)

 

India 

  • Imported ferrous scrap prices in India rose following global cues and resumption in trades on low inventories. 
  • The daily Davis Index for containerized shredded, Friday, rose by $3.79/mt cfr Nhava Sheva. Offers scaled up to $530/mt cfr Nhava Sheva following active trades in Pakistan. From the prior Friday, the index rose by $14.36/mt. Availability of shredded containers has dropped amid bulk purchases in Turkey.
  • Fuelled by high domestic realization in the US, the daily Davis Index for US-origin HMS 1&2 (80:20) cfr Nhava Sheva, up by $5/mt from Thursday. Deals, however, were limited for the US and UK-origin HMS as most preferred to buy UAE-origin material.
  • Eased supply of oxygen for industrial use boosted cutting activities in the ship breaking markets resulting in price rebound. 
  • The daily index for UAE-origin HMS 1&2 (80:20) rose by $7/mt cfr Nhava Sheva and by $17/mt from prior Friday.
  • The indexes for P&S and #1 busheling were up by $14/mt cfr Nhava Sheva. However, mills were largely away from these grades in search of lower-priced scrap. ($1=Rs72.96)

 

India domestic

  • Domestic ferrous scrap prices rose this week as large-scale mills stocked up raw material to cater to the rising export demand. A shortage of local scrap also gave prices a lift and the index for HMS 1&2 (80:20) rose by Rs700/mt del Mandi Gobindgarh from last week.
  • Mumbai is expecting heavy rainfall and mills bought raw material only on a need basis. The daily Davis Index for HMS 1&2 (80:20) rose by Rs400/mt del Mumbai mills.
  • Power cuts have shut 14-15 furnaces in Raigarh and meanwhile, in Maharashtra, the state government has reduced power subsidy, which could raise the input cost for steel plants.

 

Pakistan  

  • Pakistani ferrous scrap importers resumed containerized scrap trades by raising bids by $10-15/mt from a week prior. A jump in rebar, billet and HRC prices in the domestic market by PKR2,500-3,500/mt supported mills to restock depleting ferrous scrap inventories.
  • Industry participants were upbeat by the budget announcement on June 11, while a few focused on closing their accounts books ahead of the financial year close. 
  • The daily Davis Index for containerized shredded, Friday, rose by $4.73/mt cfr Port Qasim. From a week ago, the index rose by $13.04/mt. 
  • Offers for UAE-origin HMS scrap spiked amid demand recovery. The Davis Index for UAE-origin HMS 1&2 (80:20), Friday, cfr Port Qasim, up by $4/mt from a day ago and by $20/mt from last Friday. 
  • The daily index for US-origin HMS 1&2 (80:20), Friday, cfr Port Qasim, was up by $4/mt. The index increased by $11.5/mt from the prior Friday. 
  • US yards offered limited quantities in Asia as domestic demand is healthy and material availability and collection rates with yards are low. The Davis Indexes for P&S 5ft and #1 busheling jumped by $13/mt cfr Port Qasim, respectively, from the prior Friday. 
  • The index for domestic Bala billet jumped by PKR2,750/mt from June 4 ex-works. The weekly Davis Indexes for rebar rose by PKR3,000/mt ex-works Karachi and ex-works Punjab on Friday. 
  • Most steelmakers announced a price hike for rebar on high imported scrap offers.
  • 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, ex-yard Lahore, up by PKR1,250/mt and PKR1,500/mt, respectively. ($1=PKR155.87)

 

Bangladesh

  • Bookings of imported ferrous scrap were low in Bangladesh amid heavy rains due to the Monsoon season keeping steel trading limited. 
  • Driven by tight availability and elevated offers, the daily Davis Index for containerized shredded, Friday rose by $5.36/mt cfr Chattogram, while the index jumped by $12.86/mt from prior Friday. Offers for containerized shredded from UK/EU-yards were above $550/mt cfr Chattogram. 
  • The gap between HMS and industrial-grade scrap widened as most sellers raised offers for prime grades due to a rise in the US domestic monthly settlements for June.
  • The weekly indexes for P&S and #1 busheling, on Friday, were up by $15/mt cfr and $13/mt cfr Chattogram, respectively. 
  • The daily Davis Index for HMS 1 &2 (80:20) from Latin America, Friday, rose by $3/mt cfr Chattogram, while the index rose by $10/mt from the prior Friday. 
  • On Friday, the index for US-origin containerized HMS 1&2 (80:20) increased by $10/mt from the prior Friday. The indexes for UK-origin and Australia-origin HMS 1&2 (80:20) $12/mt cfr Chattogram from June 4. 
  • The weekly index for ship scrap equivalent to P&S and domestic HMS 1&2 (80:20) dropped by BDT1,250/mt on Friday ex-yards Chattogram. 
  • Several small-scale mills were busy closing their books ahead of the financial year’s close. Many tried to sell off inventories amid a monsoon bearish outlook. The weekly index for billet dropped ex-works, by BDT750/mt. 
  • Amid heavy rains, construction demand dampened further. The weekly indexes for rebar from large-scale mills, medium and small-scale mills lowered by BDT500/mt respectively. Steel mills, however, claimed that steel prices are unlikely to drop as much as they did last fiscal year supported by elevated imported ferrous scrap prices. ($1=BDT84.7)

 

Metallics

 

US/CIS

  • The weekly Davis Index for basic pig iron (BPI) ticked up by $4/mt cfr New Orleans port Friday following new, higher-priced deals. The weekly Davis Index for CIS BPI rose by $9/mt fob Black Sea on Friday. 
  • Pig iron demand remained strong in the USA, driving global prices higher. A supplier from Russia sold 55,000mt of the material at $672/mt cfr New Orleans. The cargo is due to be shipped by the end of August or the beginning of September. Late last week, another Russian exporter was heard to have closed a deal at $667.50/mt cfr. 
  • New transactions for pig iron were also fixed in Turkey, where material from east Ukraine changed hands at $640-645/mt cfr. 
  • The weekly Davis Index for CIS pig iron in Italy increased by $6/mt cfr on Friday. Offers from the CIS rose to $680/mt cfr by the end of the week, while Ukrainian material changed hands at $660-665/mt cfr early in the week. Besides, a cargo of CIS pig iron was sold to Spain at $693/mt cfr. 
  • The Davis Index for nodular pig iron (NPI) imports remained unchanged at Nola. The material remains in limited supply with offers involving future shipment only. The latest offers for NPI are firmly at $750-780/mt cfr Nola with bids just under. 
  • US hot briquetted iron (HBI) imports were flat at Nola. New offers or bids have not been heard for the grade, but the material’s price movements are based on the most recent offers along with a price comparison with similar grades.

 

India

  • In a week, the index for sponge iron settled flat the index in Mandi Gobindgarh but rose by Rs700/mt del Mumbai mills.

 

India semi-finished and finished steel

  • The Davis Index for billet in Mumbai rose by Rs1,000/mt ($13/mt) ex-works from last week amid a rise in imported scrap prices. The index for rebar, however, dropped by Rs500/mt ($5/mt) ex-works weighed down by weak sales. 
  • In Raipur, the index for billet dipped Rs250/mt ($3/mt) ex-works from the previous Friday as re-rolling mills largely stayed away from purchases. The index for rebar was down by Rs300/mt ($4/mt) ex-works amid moderate demand.
  • In Mandi Gobindgarh, the index was up by Rs100/mt ($1/mt) ex-works from the previous Friday.
  • Some steel mills in Jalna sold billet to Ahmedabad in healthy quantity at Rs43,200/mt ($592/mt) ex-Jalna. Meanwhile, few mills in Bhavnagar (Gujarat) were active in the billet export market. 

 

Shipbreaking 

  • Shipbreaking scrap prices rose this week on an uptick in demand from local rolling mills. The index for HMS attachments and Melting rose by Rs700/mt ($9.57/mt) ex-Alang from a week ago.
  • Re-rolling prices rose amid shortage and firm demand and the index for 14Ani rose by Rs800/mt ex-Alang.
  • Demand for ship plates increased on the resumption of construction activities. The daily Davis Index for 1kg plates rose by Rs700/mt ex-Alang.

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