Ferrous Market Update 01/08/2021
- The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.67/mt on Friday on fresh bookings from the USA and Europe.
- Active negotiations resulted in a bunch of new deals. A Marmara-based mill purchased HMS 1&2 (80:20) at $481/mt cfr from the USA, however, further details of the transaction were not available at the time of publication.
- An Izmir-based mill bought HMS 1&2 (75:25) at $471.50/mt cfr and bonus material at $486.50/mt cfr from a Dutch supplier. The cargo is due to be shipped in February.
- Another Turkish mill procured HMS 1&2 (80:20) at $472/mt cfr from a second Dutch exporter, but the cargo composition was not disclosed. According to market participants, the seller signed a similar contract with another mill, but this information was not confirmed. Both cargoes are scheduled for shipment in the second half of February.
- An Iskenderun-based mill was heard to have purchased HMS 1&2 (75:25) from the Netherlands at $476/mt cfr.
- Most US and Baltic recyclers have now targeted $485-490/mt cfr for HMS 1&2 (80:20), but Turkish importers are trying to avoid prices at above $480/mt cfr.
- Turkish steelmakers have raised rebar prices and are focused on product sales, with the market now waiting for Russia to return from holiday next week and announce price levels for metallics and finished steel products.
- Daily domestic spot rebar prices in Turkey jumped by TRY120-130/mt ($16-18/mt) ex-works, including 18pc VAT, on Friday. Daily exported rebar prices moved up to $640-650/mt fob on Friday. ($1 = TRY7.37)
- The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey decreased by TRY159/mt ($22/mt) on Monday amid slow business activity and currency fluctuations.
- Purchase prices for shipbreaking scrap in the Izmir region increased by $8/mt delivered over the week due to better demand for this material. ($1=TRY7.37)
- The weekly Davis Indexes for HMS 1&2 (80:20) from Russia’s Baltic Sea and Black Sea regions were both unchanged on Monday in a quiet market due to the Russian New Year and Christmas holidays. Many businesses in the region are closed until Jan 11.
- Most Russian suppliers have already sold their cargoes to Turkey for January and February shipments, but sales for further shipments are expected to decrease significantly after the Russian government approved an export duty of 5pc, but no lower than €45/mt on ferrous scrap.
- The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region declined by €3/mt ($4/mt) on Tuesday, but collection prices diverged significantly amid an absence of deals in Turkey.
- European ferrous scrap exporters resumed operations after the holidays, but some of them decreased collection price for HMS 1&2 (75:25) to €315/mt delivered, while others increased it to €345/mt delivered.
- Opinions on pricing differ notably as the Turkish imported market was quiet. (€1 = $1.23)
- Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices climbed by £6-7/mt ($8-10/mt) delivered dockside on Tuesday.
- UK ferrous scrap dockside buyers returned to the market this week with modest price hikes conceded in the first negotiations of the new year.
- British dockside purchase prices have remained low compared with developments on major seaborne trade routes, given that buyers have exercised notable discipline. For example, UK HMS 1&2 (80:20) dockside rates have only increased by $77/mt compared with a surge of $188/mt for the same grade exported to Turkey over the past 10 weeks.
- The weekly indexes for north and south UK OA (Plate & Structural) climbed by £4-5/mt delivered dockside, respectively, on Jan 5.
- Davis’ north and south UK 5A/5C (frag feed) ferrous scrap indexes also increased by £8/mt delivered dockside. (£1 = $1.36)
- Davis Index’s weekly northern Spain HMS 1&2 (80:20) and shredded small bulk ferrous scrap indices jumped by €17/mt ($21/mt) cfr, respectively, on Friday.
- Spanish ferrous scrap import prices leaped higher following the return of participants after the holidays.
- Prior to the break, Spanish import benchmarks lagged pricing dynamics and developments seen on major seaborne trade routes – particularly to Turkey. While a price hike was largely expected by most, the degree of increase was up for debate given that Iberian mills have been able to lean on local suppliers to avoid sharp increases in the export market.
- Following the conclusion of a shortsea small bulk transaction this week at €350/mt for HMS 1&2 (80:20) cfr northern Spain, one UK supplier expressed disappointment with the sale being “too low”.
- Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded also increased by €21/mt fob, respectively, on Jan 8. (€1 = $1.22)
- US East Coast and Houston dock collection prices continued to rise this week, amid healthy market sentiment, though, the industry awaits significant price increases over the next week.
- Export yard buying prices for #1 HMS on the East Coast averaged $365-375/gt for local tons on Tuesday, rising by about $15-20/gt for most sellers since last week, however, bigger short term price jumps are anticipated as export activity picks up again.
- Pricing for #1 HMS encompasses a full range of $355-400/gt at some East Coast dock locations. Sources believe East Coast docks will soon pay $400/gt and up for #1 HMS, based on the latest sales as well as upcoming export expectations.
- Export prices to Turkey from the US for HMS 1&2 (80:20) have tapered off in the past week standing at $481.25/mt cfr on Tuesday. This level represents an increase of $9/mt since last week. However, the price has risen by about $122/mt since December 1, 2020, and docks have not fully matched the expansion yet.
- In Boston, the weekly Davis Index increased for export yard #1 HMS by $15/gt delivered dockside, P&S 5ft by $16/gt delivered, and shredder feed by $15/gt delivered.
- The weekly Davis Index for export yard buying prices in New York rose by $21/gt delivered, $22/gt delivered, and $7/gt delivered for #1 HMS, P&S 5ft, and shredder feed, respectively.
- In Philadelphia, the indexes for export yard collection prices climbed for #1 HMS, P&S 5ft, and shredder feed by $17/gt delivered, $20/gt delivered, and $11/gt delivered, respectively.
- The indexes in Houston moved up by $20/gt delivered for both #1 HMS and P&S 5ft. The shredder feed index increased by $5/gt delivered Houston dock.
- Inventory is tightening as sellers opt to hold material from many dockside locations until they receive more clarity on January domestic options.
- On the US West Coast, the northern docks saw substantial price increases while Los Angeles trended flat.
- Turkish mills have proceeded with inquiries throughout the US East Coast but have not bid actively. However, Turkish bids may not drop the current prices significantly given the strong US domestic market and export competition with Asian buyers along with the possibility of Chinese bulk buys.
- Indian buyers are expected to return to the ferrous market to meet mill requirements amid reduced domestic trades due to weather conditions and continued COVID-19 precautions.
- Limited scrap inflows may not increase until February and March when market participants forecast stronger prices and improved weather conditions. Until then, buyers are optimistic that strong domestic steel demand will support higher finished steel prices on greater input costs.
- The continued expectation that China will increase infrastructure activity also supports export markets to Asia.
- Pakistan buyers are waiting for further domestic cues and import price direction. Bangladeshi buyers have also balked at the higher import prices but a stimulus package, tight domestic scrap, low inventories, and continued demand in an emerging market may support buys given the stronger global market dynamics.
- South Korea is showing a limited outlook for bulk scrap buys on higher import prices, while Taiwanese buyers are raising finished steel prices and Vietnamese mills are seeking clarity in the import scrap market to combat the rising domestic prices.
- Despite the hesitation, market participants believe that buyers will have to support the higher import prices to meet steel production schedules at least through Q1 2021.
- Japanese scrap prices, an alternative to US scrap, continue increasing and maintaining firm levels as well.
- In Portland, the weekly Davis Indexes encountered a substantial increase with #1 HMS, P&S 5ft and shredder feed rising by $49/gt delivered, $50/gt delivered, and $19/gt delivered, respectively.
- The San Francisco Davis Indexes leaped with HMS #1, P&S 5ft and shredder feed increasing by $61/gt delivered, $63/gt delivered, and $24/gt delivered, respectively.
- The weekly Davis Indexes for dock prices in Los Angeles remained unchanged for all grades. Los Angeles dock indexes surpassed those in Portland and San Francisco for a few weeks but have now returned to lower levels.
- US containerized scrap prices trended up for the 14th consecutive week on the West Coast and continued the positive traction on the East Coast on Thursday.
- Bids began to decline slightly on Wednesday, despite the higher indexes on improved deal prices last week and early this week. The unusual demand dynamics and elevated prices are making it difficult to forecast if the current softness is only a temporary lull with some suppliers believing that the containerized scrap market may have peaked early this week.
- On the West Coast, containerized HMS 1&2 (80:20) deals were reported as high as $425-430/mt fas last week but are now reported predominantly at $415-420/mt fas with a sale in the at $410/mt fas on late Wednesday.
- On the East Coast, a seller noted the placement of containerized shredded material at $450-465/mt fas earlier in the week but a higher probability of placement of the same material at $440-445/mt fas in the next few days.
- The weekly Davis Indexes in New York on fas basis increased by $18/mt, $16/mt, $9/mt, and $11/mt for #1 busheling, HMS 1&2 (80:20), P&S 5ft and shredded, respectively. Machine shop turnings increased by $16/mt.
- In Los Angeles, prices decelerated from rises of $13-24/mt last week to $2-9/mt this week. The indexes for #1 busheling, HMS 1&2 (80:20), P&S 5ft, and shredded increased by $4/mt, $2/mt, $8/mt, and $9/mt fas.
- Tight scrap supplies and feedstock continue throughout the West Coast as the limited availability of ships and containers negatively affect sellers’ ability to contract orders. Buyers are also withdrawing quote requests or exiting the market temporarily because of container issues.
- In San Francisco, the indexes increased by $3-7/mt with #1busheling and HMS 1&2 (80:20) rising by $6/mt and $3/mt, respectively. P&S 5ft and shredded climbed by $7/mt and $4/mt fas.
- The Davis Indexes in Seattle for HMS 1&2 (80:20) and P&S 5ft increased by $3/mt fas, while #1 busheling and shredded rose by $7/mt and $4/mt fas, respectively.
- US domestic scrap prices launched this week in Detroit at up $100/gt on primes and $90/gt on secondary grades against December settled prices. In some markets, higher steel prices may influence the budget of infrastructure projects. Scrap sellers are noting a continued firm demand for scrap, especially, the better grades, but note that buyers are less aggressive and maintaining lower firm bid prices.
- Markets in Asia for finished steel products and scrap were waiting on cues in early January. Chinese futures rally and increases in HRC list prices are adding to the positive sentiment in Asia this week.
- Mexico’s domestic ferrous scrap prices increased further in the North, Bajío, and Central regions amid a continuing trend of robust demand and limited supply.
- Scrap prices across all grades in Mexico are expected to continue rising after the US domestic market began trading at increases of $90-100/gt this week, market participants from the three regions said.
- In North Mexico, the weekly Davis Indexes for #1 HMS, shredded, machine shop turnings, P&S 5ft, and #1 busheling rose by MXN350/mt delivered Mexico consumer and rose for all grades by MXN100/mt delivered in the Central region.
- The weekly Davis Indexes in Bajío for #1 HMS and P&S 5ft increased by MXN150/mt delivered, respectively. Shredded rose by MXN75/mt, #1 busheling increased by MXN425/mt, and machine shop turnings were up by MXN25/mt delivered. ($1=MXN19.98)
- Domestic ferrous scrap prices in Japan were flat this week, while export prices rose on demand from China as the country resumed imports of ferrous scrap from Jan 1. Tokyo Steel’s domestic scrap prices were flat from the prior week for deliveries to the Tahara plant.
- Market participants indicated that the rise of iron ore prices in China and increased booking of Japanese scrap by Chinese mills could push export prices up in the next few days. Other Asian buyers are yet to raise bids.
- The weekly Davis Index for Japanese #2 HMS rose by JPY250/mt fas. In the export market, the weekly index for the grade rose by JPY500/mt fob Japan.
- The weekly index for #1 busheling (Shindachi) increased by JPY250/mt fas and was up by JPY250/mt fob Japan. Chinese mills preferred HS over lower grades with two bulk deals of 3,000mt and 2,800mt heard this week.
- The index for Japanese HMS 1&2 (50:50) was up by $5/mt cfr Taiwan with no trades heard. ($1=JPY103.90)
- Prices of containerized imported ferrous scrap rose, driven by limited availability and firm imported offers. The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, increased by $10/mt cfr.
- The weekly Davis Indexes for P&S 5ft, #1 HMS, both rose by $10/mt cfr, while that for shredded increased by $8/mt cfr South Korea.
- The Davis Index for domestic Heavy A rose by KRW7,500/mt ($6.9/mt) delivered Incheon and Pohang.
- Smaller mills opted for domestic scrap amid fears of a further rise in domestic and imported scrap prices in January due to the resumption of ferrous scrap imports by China and firm Turkish prices.
- The weekly Davis Index for domestic Light A was unchanged for deliveries to Pohang mill. Suppliers held material expecting a price hike amid rising global prices. ($1=KRW1,092)
- The Davis Index for containerized US-origin HMS 1&2 (80:20) rose by $6/mt cfr Taiwan on Thursday and subsequently settled unchanged on Friday. The index gained $11/mt from the prior week (Dec 31) on rising offers.
- The weekly Davis Indexes for containerized P&S 5ft, #1 HMS, shredded and #1 busheling rose by $8/mt, $9/mt, $9/mt, and $6/mt cfr, respectively.
- Multiple US cargo sales to Turkey and imminent cargo bookings from China have lifted suppliers’ sentiments.
- Feng Hsin Steel raised rebar and ferrous scrap prices by TWD400/mt($14/mt) ex-works and TWD300/mt delivered mill, respectively, on Monday.
- The weekly Davis Indexes for domestic HMS 1&2 (80:20), Tuesday, rose by TWD300/mt to delivered South Taiwan and North Taiwan mills, respectively. ($1=TWD28)
- In China, Shagang Steel raised ferrous scrap purchase prices by CNY25/mt ($3.9/mt) on Tuesday from the prior week. Demand is firm and steelmakers have also started importing ferrous scrap with bulk deals heard for Japanese HS scrap. Some traders indicated more negotiations are taking place. Raw material and semi-finished registered an uptick with iron ore prices rising to $166/mt on Monday, up by $6/mt from the prior week.
- Scrap prices might rise further in January due to a rise in demand and a shortage of scrap in the domestic market. With the government allowing ferrous scrap imports from Jan 1, mills could book ferrous scrap shipments from the US, Australia, Russia, and Japan. The government has slashed import duties from countries in its ‘Most Favored Nation’ lists. Two major supplier countries, Russia and Japan are a part of the list. But Russia plans to levy an export duty of $45/mt starting late January for six months.
- The weekly Davis Index for the HMS 1&2 (80:20) rose by CNY25/mt delivered mill.
- On Tuesday, prices for Q235 150mm square billets in Tangshan rose by CNY70/mt to ex-works including the 13pc VAT from the week prior.
- Most mills and exporters are waiting for price direction in January before confirming more scrap deals. ($1=CNY6.5)
- An increase in Japanese and US ferrous scrap offers has forced steel mills to raise bids amid strong demand from China and other Asian countries. Negotiations are on, said traders, but no deals have concluded.
- In the containers market, the weekly index for US-origin HMS 1&2 (80:20) Thursday was up by $13/mt cfr Vietnam from the prior week. Only a few offers, that too at firm prices from the US made Vietnamese mills look for containerized scrap from other regions.
- The weekly index for P&S 5ft and shredded rose by $10/mt cfr. Prices for #1 busheling in containers rose by $10/mt cfr from a week ago.
- The weekly Davis Index for HMS 1&2 (80:20) increased by VND1,00,000/mt ($4.3/mt) this week delivered South Vietnam inclusive of taxes.
- Mills have increased domestic scrap purchases, while yards are holding back as they expect prices to rise further in January. ($1=VND23,189)
- Indonesian mills remained quiet amid a lack of clarity on the new scrap import registration policy. Traders expect mills to start purchases next week. Limited offers were heard this week as mills preferred billets.
- Buyers stayed away from bidding amid bullish offers. The weekly Davis Index for HMS 1&2 (80:20) rose by $14/mt cfr Jakarta.
- The indexes for P&S 5ft and shredded both rose by $15/mt cfr Jakarta. The weekly Davis Index for #1 busheling rose by $15/mt cfr on rising offers.
- The weekly Davis Index for domestic HMS 1&2 (80:20) rose by THB800/mt ($26.6/mt) delivered Rayong mill inclusive of taxes amid firm demand and global cues.
- Since the imported scrap market is bullish, a few buyers restocked scrap with available material at the ports like Australia, Hong Kong. Traders expect demand for scrap to remain firm and imported prices could rise further and give domestic scrap prices a lift. Increased freight charges and a shortage of containers have forced mills to procure domestic scrap, however, domestic supplies too are inadequate and adding to the price rise this week. ($1=THB30)
- The weekly indexes for HMS 1&2 (80:20) rose by MYR87/mt and MYR100 ($24.8/mt) delivered western mills and eastern mills, respectively, inclusive of taxes on global cues. Mills have started raising bids this week.
- Rising iron ore prices and firm demand from China are expected to impact Malaysian mills, who could shift focus to domestic demand as vessel delays and container shortages are delaying exports and imports. ($1=MYR4)
- Imported ferrous scrap offers in India continued to rise, but bids lagged by $15-20/mt keeping trades slow. Ferrous scrap demand is likely to improve next week. A few mills are wary that the resurgence of COVID-19 in parts of the world could impact scrap generation again.
- The Davis Index for containerized shredded, Friday, cfr Nhava Sheva was up by $2.12/mt from Thursday and by $17.50/mt from a week ago amid limited trades. Excluding alloy makers, all other buyers preferred HMS and stayed away from buying high grades, including shredded. The gap between HMS and shredded scrap has widened to over $35-40/mt on a shortage of high grades from the usual $15-20/mt levels.
- Container shortage in Asia has also led to shipping lines raising freight rates, thus increasing costs for importers. Bulk cargo importers stayed away from the market despite limited stocks citing unviable prices.
- Dubai sellers found bid levels, which were $20-25/mt lower than offers, unviable, resulting in only a few deals. The Davis Index for UAE-origin HMS 1&2 (80:20) Friday settled unchanged.
- Amid bullish offers, the indexes for #1 busheling, Turning and P&S scrap showed an uptick by $15, $11, and $8/mt.
- Imported scrap demand could find support from the strengthening international billet market. However, the impact of lockdown in the Hebei province, China’s largest steelmaking hub remains to be seen in the coming days. ($1=Rs73.04)
- The Davis Index for HMS 1&2 (80:20) declined by Rs450/mt del Mumbai. Many traders believe prices could gain again in the coming days.
- In Mandi Gobindgarh, the index for HMS 1&2 (80:20) registered an uptick of Rs100/mt del Mandi from December 31. Freight rates in the area have increased amid the ongoing farmer protests.
- Pakistani mills resumed trades for imported scrap, amid rising competition to secure materials and tightening supply. But harsh winter in many regions of the country remained a concern as it affects demand.
- The Davis Index for containerized shredded, Friday, jumped by $20/mt cfr Port Qasim from the prior Thursday. A gap of over $40/mt between HMS and shredded could force a few buyers to opt for HMS in the coming days.
- The index for UAE-origin HMS 1&2 (80:20) was unchanged. Dubai suppliers preferred to sell material in Pakistan over India. In India, bids lagged by over $25/mt from current offer levels.
- The weekly Davis Indexes for P&S 5ft and #1 busheling cfr Port Qasim, were up by $13/mt and $26/mt, respectively. There is a short supply of metallics worldwide and the situation is expected to persist for a couple of months.
- The weekly index for domestic Bala billet increased by PKR1,125/mt ex-works. All major rebar makers have kept prices firm citing bullish ferrous scrap prices increasing input cost.
- The weekly Davis Index for rebar G-60 12-32mm rose PKR4,000/mt for both, ex-works Karachi and ex-works Punjab. A major mill in Karachi could target next sales for G-60 rebar at PKR140,000/mt despite sales of finished steel being slow amid the liquidity crunch.
- The weekly indexes for Pure Q Toke (shredded) and Art Q toke scrap equivalent to a mix of HMS and P&S Friday rose by PKR1,000/mt ($6/mt) ex-yard Lahore. Offers for scrapped vessels climbed by $10-15/ldt cfr Pakistan. ($1=PKR160.24)
- Imported scrap trades in Bangladesh picked up this week. Mills showed a willingness to procure scrap at firm offer prices amid depleting inventories and ramped-up productions.
- The Davis Index for containerized shredded was up by $3.35/mt cfr Chattogram from Thursday and by $20.5/mt cfr from the prior week. Bids for UK-origin containerized P&S scrap lagged $10/mt cfr behind the offer levels but the index for the grade rose by $16/mt from the prior week.
- The Davis Index for containerized HMS 1&2 (80:20) of the US-origin and Latin America-origin, rose by $12.25/mt cfr Chattogram and $11/mt cfr Chattogram, respectively, from the prior Thursday.
- In the bulk market, resumption of Chinese trades kept Japanese and Australian mills away, while European lockdown further tightened supplies to Bangladesh. With the announcement of export duties, Russian mills plan to consume domestic scrap and sell more billets in the export markets.
- The weekly index for shipbreaking scrap equivalent to P&S rose BDT750/mt ex-yards. The index for domestic HMS 1&2 (80:20) rose by BDT1,000/mt ex-yards.
- Demand for scrapped vessels improved in the new year, however, very limited ships are being offered from Europe amid renewed COVID-19 lockdowns.
- On Friday, the index for large steelmakers’ rebar rose BDT1,750/mt from Thursday ex-works. Mills witnessed strong resistance from rebars buyers as prices hit a record high. The weekly Davis Index for rebar from medium-scale steelmakers rose BDT2,000/mt.
- The cost of construction has gone up sharply in Bangladesh, following high raw materials prices. The association of building contractors is thus demanding that steelmakers roll back unreasonably high prices, which could hurt domestic market sentiments next week. ($1=BDT84.68)
- The weekly Davis Index for CIS basic pig iron was unchanged on Friday amid the holiday season in the region. Negotiations and trading are expected to resume next week.
- Market participants believe that CIS pig iron suppliers will raise their offers next week due to the limited availability of material and an uptrend in the global ferrous scrap market.
- The weekly Davis Index for CIS pig iron in Italy was also flat on Friday amid missing offers and inactive buyers.
- The weekly Davis Index for basic pig iron (BPI) increased by $8/mt cfr New Orleans port on Thursday on fresh bookings at higher prices this week.
- The US booked new BPI cargoes from Brazil and the CIS at $575/mt cfr Nola while further offer prices were heard in the range of $590-600/mt cfr Nola on Thursday.
- BPI values have surged by $100/mt since Dec 10 and $191/mt since Nov 12, in tandem with the advancement in domestic scrap prices.
- The next BPI deals are projected to transact close to $600/mt cfr Nola on market strength as domestic scrap is trading at $90-100/gt above last month.
- The Davis Index for nodular pig iron imports rose by $51/mt cfr Nola. The material remains in tight supply, but the latest offers and bids heard for NPI have ranged from $630-675/mt cfr Nola with offers indicating May or later Q2 delivery.
- The weekly Davis Index for hot briquetted iron imports climbed by $28/mt cfr Nola. The price evaluation for the grade is in relation to import prices from Venezuela along with domestic HBI levels at certain US production origin locations.
- The index for Sponge iron decreased by Rs700/mt del Mandi Gobindgarh mill from a week ago as mills stayed away from trades at the present price levels.
- In Mumbai, the index, however, rose by Rs475/mt delivered mill from Dec 31. Prices largely increased due to a rise in freight rates. ($1=Rs73.04)
India semi-finished and finished steel
- The index for billet in Mumbai fell by Rs1,000/mt ($13.64/mt) from the previous Friday pressured by the lack of demand from rolling mills. The index for rebar declined by Rs200/mt ($2.72/mt) on limited trade activity.
- In Raipur, the index for billet was down by Rs500/mt ($6.82/mt) from the prior Thursday as supply outpaced demand. While the index for rebar was up by Rs900/mt ($12.2/mt) as sellers continued to keep asking prices firm anticipating healthy demand in the coming days.
- In Mandi Gobindgarh, the index for ingot fell by Rs500/mt from the week ago in-line with a fall in local scrap prices.
- In Durgapur, the index for billet increased by Rs400/mt from the Thursday prior aided by a rise in rebar prices, which were up by Rs1,000/mt ($13.64/mt).
- Shipbreaking prices dropped on Friday amid sluggish demand from rolling mills.
- The daily Davis Index for 6Ani and 8Ani dropped by Rs800/mt ($10.91/mt) and Rs1,500/mt ($20.47) ex-Alang, respectively, from December 31.
- The daily Davis Indexes for 2kg and 5kg plates declined by Rs1,000/mt ex-Alang. Work at infrastructure and construction project sites has slowed due to rising finished steel prices. But shipbreakers are optimistic about the demand reviving in the coming few days. The Indian government has also amended the policy which mandates sourcing domestically manufactured iron and steel for projects it funds to include small-scale ones.
- The Davis Index for HMS attachments and Melting rose by Rs900/mt each ex- Alang. ($1=Rs73.27)