- The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $2.61/mt on Friday after a sale at $275/mt cfr for HMS 1&2 (80:20) from Europe was heard in the market.
- Demand for ferrous scrap is weak and buyers are targeting reduced prices amid weak rebar sales.
- Turkish daily domestic rebar spot prices decreased by TRY30-40/mt ($4-5/mt) to TRY3,750-3,780/mt ex-works, including 18pc VAT, on Friday.
- Exported rebar prices also declined to $435-440/mt fob versus $440/mt fob earlier. Both local and export rebar sales were sluggish.
- ($1 = TRY7.31)
- The weekly Davis Index for HMS 1&2 (75:25) delivered dockside in the ARAG region slid by €2/mt on Tuesday amid suspended trading.
- Some European ferrous scrap suppliers decided to decrease collection prices as sales activity on export slowed down. In particular, demand from Turkey declined significantly, however, mills are yet to finish purchases of the material for September shipment giving some hope to European suppliers. (€1 = $1.19)
- The weekly Davis Index for HMS 1&2 (80:20) declined by $2/mt fob Baltic Sea on Friday and slid by $1/mt fob Black Sea as the export market sentiment worsened.
- This week, most Russian suppliers did not receive any inquiries from Turkish mills that are looking for lower-priced imports amid difficulties with rebar sales.
- Importers started to bid below $280/mt cfr for US-origin HMS 1&2 (80:20), down by at least $5/mt from the most recent deals and are expected to target the same level for Russian material.
- The weekly Davis Index for HMS 1&2 (80:20) was flat at RUB17,025/mt delivered St Petersburg dock on Friday. The index for the grade rose by RUB300/mt to RUB15,200/mt delivered Rostov-on-Don dock. ($1 = RUB74.85)
- Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices remained unchanged, delivered dockside, on Tuesday.
- UK-based ferrous scrap traders rolled over HMS 1&2 (80:20) dockside purchase prices over the past week, with one eye on softening seaborne export benchmarks and another on protecting margins.
- The weekly indices for both north and south UK OA (Plate & Structural) crept up by £3/mt delivered dockside on August 18.
- Davis Index’s north and south UK 5A/5C (frag feed) ferrous scrap indices played catch up with developments seen in other grades over the past few weeks with the grade climbing in both regions by £10/mt delivered dockside over the same period. (£1 = $1.32)
- Davis Index’ weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices remained unchanged on Friday.
- With major seaborne ferrous scrap benchmarks softening over the past week, Spain-based buyers have withdrawn from the market until suppliers revise their offers lower.
- In fact, reliance on imported material has significantly dwindled given the relatively healthy availability and cost competitiveness of local supply.
- Similarly, Davis Index’ weekly UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices were also unchanged on Friday.
- (€1 = $ 1.18)
- US West Coast ferrous scrap dock prices ended an uptrend that began in early August as end buyers resisted higher offers.
- Portland encountered a slight index increase this week after regional docks struck a few higher-priced deals as they sought inventories to fill orders. However, Los Angeles and San Francisco remained mostly flat.
- Lower finished steel prices could place pressure on margins making mill buyers seek alternative sources such as Russia’s A3 scrap instead of the higher-priced Japanese scrap. Higher Japanese export offers in small bulk and larger bulk did not report trades early in the week.
- Buyers reduced inquiries and bids early in the week, giving the market a pause. Dock market participants mentioned they were focusing on fulfilling current bulk orders on tight regional scrap inflows into yards amid concerns about softening Turkish import prices and vessel buys.
- Active buyers from Pakistan, Taiwan, and other Asian destinations are holding bids or remaining silent in anticipation of a price correction. Sellers are also quiet on offers as they gauge the market.
- The weekly Davis Indexes in Portland increased with the HMS 1&2 (80:20) index rising by $4/gt, P&S 5ft inched up by $2/gt and shredder feed jumped by $7/gt as regional docks sought inventories in a tight supply period.
- In San Francisco, the weekly indexes increased negligibly with HMS 1&2 (80:20), P&S 5ft and shredder moving up by $1/gt. Sources report docks continuing to seek inventories with marginal increases on deals.
- After an increase last week, the weekly Davis Indexes remained mostly unchanged in Los Angeles.
- US East Coast and Houston dock prices for ferrous scrap gradually increased by about $20-25/gt since mid-July amid strengthening exports.
- Ferrous scrap demand on the East Coast has been increasingly converging with material supply levels—indicative of improved balance.
- East Coast dock collection prices were around $220-225/gt on Tuesday for most HMS 1&2 (80:20) tonnage, modestly increasing from $215-220/gt on August 11. However, some dock locations were paying as high as $230/gt for the grade, albeit based on the requirement.
- Some market participants anticipate prices rising over the next month, and believe demand is will outpace supply, representing a shift from lower purchase requirements two months ago. However, this is contingent on forthcoming scrap flow and assumed continuation of rising mill operating rates, which have been in the low-60pc range.
- In Boston, the weekly Davis Index for export yard HMS 1&2 (80:20) increased by $3/gt while the index for P&S 5ft increased by $2/gt and the shredder feed index rose by $6/gt. The weekly Davis Index for export yard buying prices in New York increased by $2/gt for HMS 1&2 (80:20) while increasing by $5/gt in Philadelphia.
- The weekly Davis Indexes in Houston grew by $3/gt for HMS 1&2 (80:20) and P&S 5ft as the shredder feed index increased by $2/gt.
- US containerized ferrous scrap indexes increased in San Francisco and Seattle but fell in Los Angeles this week, pausing what would have been the sixth consecutive week of increases for the full region.
- The weekly Davis Indexes in New York were rangebound with #1 busheling rising only by $1/mt while HMS 1&2 (80:20) and P&S 5ft held unchanged.
- On August 17, some US sellers on both coasts were unsure about capturing further price increases as buyers showed resistance to higher trades. Buyers noted that supply has eased with improved collection rates and increased collection activity as economies reopen.
- Ferrous scrap prices began to inch down in deals late last week and early in the week, but the jump in iron ore prices prompted some buyers to accept higher scrap offers.
- The weekly Davis Index in Los Angeles for #1 busheling decreased by $4/mt and remained unchanged for HMS 1&2 (80:20). P&S 5ft fell by $3/mt while shredded scrap declined by $5/mt. The index is expected to increase next week with higher deals.
- Sellers are holding firm on higher offers. Deals at higher offer prices are not yet widely reported but are expected. Already Davis Index has learned of a containerized deal for P&S 5ft at $268/mt from Los Angeles on Thursday.
- Last week, buyers inquiring for scrap in Los Angeles sought better grades over HMS 1&2 (80:20), which increased the premium, but the spread between the two types of grades narrowed this week.
- The higher Japanese Kanto tender bids resulted in better import scrap prices in Taiwan, Vietnam, and Indonesia this week which in turn supports US-sourced scrap prices. West Coast sellers expect prices to rise by $10-15/mt on containers between now until early September.
- San Francisco area freight is higher than in Los Angeles, which usually results in prices trending lower than the latter by about $5/mt. However, buyers report strong quality and willingness to negotiate by San Francisco sellers compared with their counterparts in Los Angeles. The better grades are trending close to Los Angeles this week. Shredded scrap discussions with an Indian buyer were heard at $263/mt fas in the region.
- The Davis Indexes in San Francisco increasing by $10/mt for #1 busheling while HMS 1&2 (80:20) inched up by $3/mt. In Seattle, the Davis Indexes increased for #1 busheling by $3/mt and HMS 1&2 (80:20) rose by $3/mt.
- Early August indications point towards ferrous scrap price increases of $20-30/gt for prime grades with shredded and cuts gaining $10-20/gt in September over this month’s settlements.
- Momentum is picking up in the Midwest this week with the latest census viewing prime grades rising by $30/gt or more and secondary grades increasing by $20-30/gt and beyond.
- Shredded prices are about $50/gt higher on the East Coast and about $30/gt higher in the South compared to Midwest shredded.
- Eastern and Southern markets could see smaller price growth movements in September trading compared with the expected price moves for the Midwest. Although, a source noted a rumored deal for September in the south at over $30/gt on shredded scrap compared to early August prices.
- Steel mill demand has reportedly shifted; and as it picks up, market participants believe demand for scrap is beginning to outpace supply in most regions. The market is also following export demand that has moved many scrap tons to the East Coast.
- A few bulk exporters are struggling to match rising demand and report slower new scrap bookings as existing supply is needed to fulfill current orders. This trend could point to price escalations heading in September and October.
- The export scrap committed for September will compete with domestic demand in the month. Some exporters see activity slowing on the coast following the minimum, $20/gt dock collections’ price gains over the past four weeks.
- Scrap flow into yards is reported at 65-75pc of historical levels for secondary grades. None of the regions forecast modest gains or downside prices for any material in September, whereas August had upward and downward price variations for different grades and locations.
- Upward trends are expected in hot-rolled coil (HRC) prices as lead times increased to over five weeks in July compared to just under four weeks in June. HRC spot prices declined in the US by about $10/nt fob US mill, similar selling prices for HRC are seen in Europe and Asia. However, HRC prices at other locations have been on the rise compared to prior months, indicating upward global trends.
- Domestic ferrous scrap prices increased in Mexico as demand strengthened on improved output from the automotive and construction industries over the past few weeks.
- Ferrous scrap prices in the North rose by 7pc from last week, and are expected to continue increasing in this region, a market participant told Davis Index.
- In Northern Mexico, the weekly Davis Index for HMS 1&2 (80:20) rose by MXN172/mt delivered Mexico consumer, while P&S 5ft and #1 busheling climbed by MXN189/mt and MXN200/mt, respectively. The index for shredded increased by MXN73/mt delivered.
- Scrap prices in Bajío and Central also increased by around MXN200/mt ($9.09) as production in the regions’ automotive industries gained momentum.
- The weekly Davis Index in Bajío for HMS 1&2 (80:20) increased by MXN225/mt delivered and went up for machine shop turnings by MXN200/mt. #1busheling and P&S 5ft rose by MXN275/mt and MXN150/mt, respectively, while shredded was flat.
- In Central Mexico, the Davis Index for HMS 1&2 (80:20) climbed by MXN275/mt delivered and increased for machine shop turnings by MXN275/mt. P&S 5ft and #1 busheling also moved up by MXN213/mt and MXN400/mt, respectively, and shredded remained unchanged. ($1=MXN21.98)
- Japanese ferrous scrap export prices continued rising post the Kanto tender amid improving steel demand in China. The monthly Kanto tender remained unaffected by the softening Turkish and Indian subcontinent markets. Suppliers raised offers for all scrap grades by around JPY1,000-1,500/mt ($9.45-14.17/mt) from the prior week supported by a rise in average bids for the Kanto tender on Wednesday.
- Higher scrap prices were supported by a supply crunch in East Asia. Japanese sellers could raise prices further in the coming days.
- The index for #2 HMS rose by JPY1,225/mt from the prior week with no trades heard. The weekly index for shredded rose by JPY2,000/mt fas Tokyo bay Japan. The weekly Davis Index for #1 busheling increased by JPY983/mt from the week prior, with trades around index prices.
- The index for Japanese HMS 1&2 (50:50) in small bulk cargoes rose by $4/mt from the prior Wednesday.
- Tokyo Steel increased domestic scrap purchase prices on Tuesday. The steelmaker had kept prices unchanged for 10 days amid limited activities during Obon holidays from Aug 8. Bids were increased by JPY1,000/mt ($9/mt) for ferrous scrap delivered to all five of its works.
- Japanese domestic scrap prices have surpassed early July levels reaching a 45-day high.
- In export markets, #2 HMS, HS, and busheling 5ft traded cfr Vietnam, late last week. ($1=JPY105.80)
- South Korea’s Hyundai Steel offered higher bids for ferrous scrap after Kanto tender.
- The Davis Index for containerized HMS 1&2 (80:20) rose by $11/mt from the week prior and $15/mt from July 29, on global cues and domestic scrap shortage. Mills booked limited volumes as they awaited Kanto tender results to gauge price direction.
- South American suppliers’ offers for HMS 1&2 (80:20) were up by $5-10/mt from the prior week but Korean importers focused on lower-priced Russian bulk scrap and domestic scrap to avoid higher offers. The index for US-origin shredded and P&S 5ft rose by $7/mt and $6/mt, respectively, with no trades confirmed.
- The weekly index for containerized #1 HMS rose by $4/mt from the prior week and up by $8/mt from August 5 while the index for domestic Heavy A delivered Incheon and Pohang rose by KRW17,500, with deals close to the index price.
- Offers for Japanese #2 HMS were up by JPY1,000/mt from the prior week on Tuesday.
- In Taiwan, ferrous scrap offers were bullish this week in line with higher bids placed for Kanto tender, but importers are booking limited volumes as offers have moved up despite subdued demand for finished steel.
- The daily Davis Index for containerized US-origin HMS 1&2 (80:20) rose by $6/mt cfr Taiwan from prior Friday. Reduced scrap trades in Turkey and shortage of domestic scrap could make Taiwanese mills a preferred destination for the US origin scrap amid a rise in Japanese scrap prices.
- The weekly Davis index for containerized #1 busheling and P&S 5ft settled at up by $9/mt cfr and $6/mt cfr, on Thursday, respectively. No deals were heard this week. The index for weekly shredded was up by $5/mt cfr from the week prior and $10/mt cfr from Aug 6, on higher offers, but no trades were confirmed.
- No bulk deals to Taiwan were heard this week with manufacturers waiting to see how suppliers and importers react to the Kanto tender prices. Japanese small bulk cargoes of HMS 1&2 (50:50) offers were up by $10/mt from a week ago, with no trades heard.
- Taiwanese steelmaker Feng Hsin Steel raised rebar prices by NT$300/mt ($10.19/mt). The steelmaker was forced to raise prices amid higher input costs.
- In China, Shagang Steel purchased domestic #2 HMS (6-10mm thickness) at CNY30/mt higher than the prior week. The weekly Davis Index for the grade rose by CNY15/mt ($2.17/mt). The steelmaker kept rebar prices unchanged from a week ago for mid-August shipments. ($1=CNY6.9)
- In the containers market, the weekly index for HMS1&2 (80:20) rose by $6/mt from the prior week on Thursday and by $12/mt from Aug 6. The weekly index for #1 busheling fell by $3/mt on lower demand for high-grade ferrous scrap, while the index for shredded rose by $3/mt cfr. Vietnam has had limited containerized ferrous scrap trades in the last four weeks due to a rise in COVID-19 infections, while offers rose by $5/mt on Thursday.
- In the bulk market, importers delayed new bookings to gauge market direction post-Kanto tender. A deal for US-origin HMS 1&2 (80:20) was heard early in the week. Importers focused on small bulk trades later in the week with deals heard for Japanese #2 HMS and HS cfr Vietnam.
- Shortage of domestic scrap and expected high demand for finished steel in September could drive scrap bookings, said mill owners.
- The weekly Davis Index for HMS 1&2 (80:20) declined by VND3,50,000/mt ($15/mt), delivered South Vietnam, inclusive of taxes.
- Vietnamese billet suppliers kept their offers firm for October and November shipments on high imported scrap prices.
- ($1= VND23,189.72)
- Mills ramped up production in Indonesia with some major infrastructure projects scheduled to commence in September. Amid a shortage of domestic ferrous scrap, mills sought imported material.
- The weekly Davis Index for HMS 1&2 (80:20) rose by $13/mt cfr Jakarta due to a rise in offer prices after Kanto tender. Few trades for containerized HMS 1&2 (70:30) from Malaysia were heard this week. The weekly index for shredded rose by $7/mt from the prior week, while it increased by $14/mt cfr from Aug 6.
- The index for #1 busheling fell by $2/mt this week due to lower prices deals before the Kanto tender. The index settled unchanged. The index for P&S 5ft fell by $3/mt. Traders and importers sought competitively priced ferrous scrap deals from US-based suppliers.
- The weekly Davis Index for domestic HMS 1&2 (80:20) inched up by THB600/mt delivered Rayong mill, inclusive of taxes, with trades at the index price. Mills preferred domestic material over imports amid bullish offers from most supplier countries.
- In the seaborne markets, few deals for US-origin containerized HMS 1&2 (80:20) scrap and HMS 1&2 (70:30) from Malaysia were heard during the week.
- The weekly indexes for HMS 1&2 (80:20) rose by MYR5/mt ($1.19/mt) delivered western mills and were unchanged for delivered eastern mills, inclusive of taxes. Trades were limited and rangebound. Market participants are expecting finished steel demand to pick up in September and October, once government-funded infrastructure projects gain momentum. ($1=MYR4.17)
- Few imported HMS trades were heard in India this week amid indications of softening global market with Turkish mills staying silent for almost a week. Inquiries, however, picked up in the week.
- Buyers refused higher offers as domestic steel prices fell by Rs700-1,200/mt in the last three days. Mills exported billets fob India at $5/mt lower than the prior week.
- In the bulk market, a few cargoes for HMS 1&2 (80:20) from the US West Coast were offered cfr Kandla with bids $10-15/mt lower than the current offers.
- The index for containerized shredded settled at $307.83/mt cfr Nhava Sheva on Friday, down by around $7/mt from the prior week. A few trades for US-origin containerized shredded were at $308-310/mt cfr Mundra this week, against offers of $312-315/mt cfr Nhava Sheva.
- The Davis Index for UAE-origin containerized HMS 1&2 (80:20) cfr Nhava Sheva, dropped by around $10/mt from the prior week. The index for US-origin HMS 1&2 (80:20) dropped by $7.86/mt from the prior week.
- South African HMS 1&2 (80:20) suppliers returned to the market with offers at $295/mt cfr Nhava Sheva, up by $7/mt from the prior week.
- In Goa, inquiries for imported ferrous scrap slowed amid a sharp drop in the domestic sponge iron prices. Mills in Chennai bought West African HMS 1&2 (80:20) at $270-275/mt cfr Chennai, down by $5-10/mt from the prior week.
- The weekly indexes for higher grade scrap like busheling and P&S in containers settled unchanged cfr Nhava Sheva. The weekly index for turning scrap rose by another $4/mt cfr Nhava Sheva. A Brazilian supplier sold containerized turning cfr Chennai close to the index price.
- Ferrous scrap prices in India ended a month-long uptrend this week. Prices in most domestic markets fell by around Rs500/mt this week. Weak finished steel demand pulled down ferrous scrap prices in the domestic market.
- In Mumbai, the index for HMS 1&2 (80:20) fell by Rs300/mt del mill from Thursday and by Rs800/mt del mill, while in Mandi Gobindgarh prices for the scrap grade fell by Rs600/mt del mill from Thursday and by Rs1,350/mt del mill from Monday.
- Most mills believe prices are likely to trend flat to down since the global markets are showing indications of softening and finished steel prices in the domestic market are also under pressure. On Thursday, the indexes for HMS 1&2 (80:20) in Durgapur and Ludhiana both fell by Rs500/mt from Tuesday.
- Imported scrap prices in Pakistan declined this week with a drop in buying interest. Most steelmakers were reluctant to book more scrap in containers until they gained clarity on global prices. Traders faced a severe cash crunch this week as they awaited payments from the domestic markets.
- The Davis Index for US-origin containerized shredded cfr Port Qasim Friday dropped by $9/mt from the prior week. The UK-origin shredded traded at $308-312/mt cfr Qasim, while EU-origin shredded sold at $305-307/mt cfr Qasim.
- The Davis Index for HMS 1&2 (80:20) from UAE cfr Port Qasim fell by around $7/mt from a week ago. A few containers for UAE-origin super scrap or a mix of #1 HMS and P&S traded cfr Port Qasim at lowered prices.
- The index for US-origin HMS 1&2 (80:20) cfr Port Qasim dropped $7/mt from a week ago. Limited trades were reported at lowered prices as suppliers resisted offers on an anticipated price hike in September.
- The weekly Davis Index for HMS 1&2 (80:20) from the UK and Europe cfr Port Qasim dropped by $4/mt. Trades for P&S 5ft and busheling were customized as per mills’ requirements.
- Domestic steel prices dropped marginally in Pakistan amid lowered imported ferrous scrap prices. The weekly Davis Index for commercial Bala billet Friday ex-works Punjab was down by PKR250/mt from the prior week.
- Buyers reduced purchase volumes due to a cash crunch. The Davis Index for G-60 billet settled ex-works Punjab, unchanged from the prior week.
- The weekly Davis Index for G-60 rebar ex-works Karachi dropped by PKR500/mt. In Punjab, G-60 rebar prices were unchanged ex-works from the prior week amid rising input costs. ($1=PKR168.0)
- Bangladeshi steel mills continued buying limited containers of imported scrap this week. Most mills either have enough inventories to meet their production requirements or preferred to book low-priced domestic scrap. A fall in the domestic steel prices pulled bids down by $5-7/mt from the prior week.
- The Davis Index for containerized shredded, Friday, cfr Chattogram, rose by $3.43/mt from Thursday but dipped by $1/mt from the prior week. Limited trades for shredded were reported from the UK, South America, and Australia.
- A few mills preferred to import sponge iron from India. The price for sponge iron dropped by $10-15/mt from the prior week. Trades for #1 HMS from South America reported at prices down $5/mt from the prior week.
- Domestic steel prices rose early this week as demand showed signs of recovery. High input costs also lifted steel prices. The weekly index for domestic billet rose by BDT2,000/mt ($23.66/mt) ex-works Chattogram. Trades are starting to pick up with expectations of a dry spell in the coming days. The weekly Davis Index for rebar from medium steelmakers dropped by BDT1,000/mt from the prior week after mills offered discounts to spur sales.
- In the shipbreaking market, scrapped ships were offered at $10/ldt cfr Chattogram, however, deals were limited. The weekly Davis Index for HMS 1&2 (80:20) rose by BDT1,500/mt ex-yards Chattogram. By the weekend, prices dropped marginally amid softening global scrap markets. ($1=BDT84.53)
- The weekly Davis Index for CIS basic pig iron climbed by $2/mt fob Black Sea on Friday after a new sale to China was reported.
- Only one pig iron booking was heard in the CIS export market this week where a Ukrainian supplier sold material to China at $378/mt cfr. A Russian exporter had closed a similar deal at $375/mt cfr earlier.
- Some CIS sellers continued to offer pig iron to China at $380-385/mt cfr, but buyers resisted those levels as demand softened.
- The weekly Davis Index for CIS pig iron in Italy inched up by $1/mt to $355/mt cfr on Friday amid firm offers.
- CIS suppliers remained bullish as they have already sold significant tonnages of the material and kept offers to Italy at $360/mt cfr. However, importers are inactive due to summer vacations in the country.
- The weekly Davis Index for basic pig iron (BPI) increased by $3/mt cfr New Orleans on Thursday amid rising sales prices to alternative destinations and corresponding, escalated price offers to the US.
- Buyers in the US have been inactive and reluctant to pay the existing price levels to other locations but offer prices to the US have consistently risen since the beginning of July amid strong demand and buying activity in China.
- Bookings from the CIS this week increased by around $5/mt and were reported at $375-380/mt cfr China. Offers to the US on Tuesday were at $365-370/mt cfr Nola, albeit with no support.
- The Davis Index for nodular pig iron (NPI) imports increased by $12/mt cfr Nola due to a price adjustment to closer match the US price with the latest sales from Brazil to China at $340/mt fob. That level equates to about $390/mt cfr China. With freight to the US, a deal for this material could be as high as $420/mt cfr Nola. However, with no bookings confirmed to the US, bids are lower.
- The weekly Davis Index for US hot briquetted iron (HBI) imports increased by $3/mt cfr Nola. New offers or deals have not been reported for HBI as demand has been low, but if the grade were offered this week, the price would likely be near this level.
- Induction furnace-based steelmakers in India are lobbying for a ban or a 30pc export duty on iron ore pellets. The association of IF-based mills have appealed to India’s Prime Minister Narendra Modi to investigate the matter as pellet exports have significantly increased the input costs of secondary steelmakers.
- The index for sponge iron in Ludhiana fell by Rs1,500/mt. A fall in ingot and billet prices in the North has kept raw material trades at bay.
- In Mumbai and Mandi Gobindgarh, the index for sponge iron declined by Rs1,200/mt and Rs1,000/mt del mill, respectively. ($1=Rs74.94)
- In Mumbai, the daily Davis Index for billets Friday fell by Rs2,000/mt ($26.7/mt) from the prior week as rebar plunged prices amid a rise in inventory. The index for rebar dropped by Rs1,000/mt ($13.35/mt) ex-works Mumbai due to sluggish sales. Heavy rains in Western India also reduced trade activities during the week.
- The daily index for billet fell by Rs1,800/mt ($24.03/mt) from the prior week on Friday as supply exceeded demand. Rolling mills in Central India have reduced billet purchases in line with subdued steel demand. The daily Davis Index for rebar in Raipur fell by Rs1,300/mt ($17.35/mt).
- In Mandi Gobindgarh, the daily index for ingot declined by Rs 1,000/mt ($13.35/mt) from the prior week with a similar fall in local scrap prices. The daily Davis Index for rebar dipped by Rs900/mt ($12.01/mt) ex-work Mandi Gobindgarh.
- In Gujarat, the bi-weekly index for rebar fell by Rs600/mt ($8.01/mt) on Thursday as buyers postponed orders due to the upcoming festival. The bi-weekly index for billet was also dropped by Rs900/mt ($12.01/mt).
- In Durgapur, the bi-weekly index for rebar rose by Rs600/mt ($8.01/mt) on Thursday amid muted demand due to a fresh round of lockdown to control the pandemic. The index for billet, however, declined by Rs416 ($5.55/mt). Manufacturers expect prices to soften in the coming days.
- In Chennai, the index for rebar remained flat on the back of sluggish demand, while the index for billet rose by Rs675/mt ($9.01/mt) higher input cost in the region.
- Indian shipbreaking rolling scrap prices declined this week amid low demand from the mills in the North as well as Gujarat. Mill owners delayed scrap purchases as heavy rains have subdued steel demand for construction steel. The index for 4Ani declined by Rs1,900/mt ($25.37/mt) ex-Alang on Friday from Aug 14. The index for 14Ani declined by Rs1,550/mt ex-Alang.
- The demand for steel plates declined as rain halted construction projects in many Indian cities. The index for 2kg plates declined by Rs2,300/mt ex-Alang on Friday from Aug 14.
- The index for HMS attachments and Melting declined by Rs1,400/mt ex-Alang. Shipbreakers expect prices to remain weak till monsoon subsides.