Ferrous Market Update 05/14/2021
- The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged on Thursday as the market broke for the Ramadan Eid holidays.
- Mills and suppliers paused their negotiations during the national Turkish holiday which falls on May 13-14 this year and neither bids nor offers were reported. Still, mills require cargoes for June and July shipment and trading is expected to resume once buyers return from the holiday.
- Spot and export rebar prices in Turkey were flat on Thursday amid holidays in the country. ($1=TRY8.50)
- The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey leaped by TRY475/mt delivered on Monday after mills lifted their purchase prices again.
- Shipbreaking scrap in the Izmir region surged by $35/mt delivered on Monday. Over the past two weeks, shipbreaking prices have surged by $63/mt. ($1=TRY8.28)
- The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap surged by $40/mt fob Baltic Sea and by $50/mt fob Black Sea on Monday in a robust export market.
- Russian ferrous scrap exporters targeted higher prices, anticipating further purchases in Turkey this week after mills at this destination sold significant tonnages of rebar. Suppliers from St Petersburg expect prices for HMS 1&2 (80:20) to reach $500-510/mt cfr Turkey after Turkish mills raised offers for rebar to $740-750/mt fob. Exporters from Rostov-on-Don began targeting $490-500/mt cfr Turkey for A3 material.
- The weekly Davis Index for A3 scrap increased by RUB750/mt in St Petersburg dock on Monday and declined by RUB250/mt in Rostov-on-Don dock. ($1=RUB74.19).
- The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region jumped by €24/mt ($29/mt) on Tuesday following global cues.
- Ferrous scrap exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) raised collection prices in a bullish market. European suppliers targeted $490-495/mt cfr Turkey for HMS 1&2 (80:20) and HMS 1&2 (75:25) this week as prices for US and Baltic material reached and exceeded $500/mt cfr in the most recent deals. (€1=$1.22)
- Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices increased by £10-13/mt ($14-18/mt) delivered dockside on Tuesday.
- UK bulk ferrous scrap processors raised dockside purchase prices by £7-15/mt, depending on grade, this week to secure sufficient volumes to fill a flurry of fresh Turkish bookings. That said, UK exporters suppressed buy-side prices compared with the pace of pricing action on major seaborne trade routes.
- Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index surged by $49/mt over the past week on May 10.
- Meanwhile, UK-based traders noted that monthly mill-yard negotiations had dragged on into the second week of May as local smelters were still negotiating to their terms.
- The weekly indices for north and south UK OA (Plate & Structural) climbed by £14-15/mt delivered dockside and the weekly north and south UK 5A/5C (frag feed) ferrous scrap indices increased by £7/mt over the past week. (£1=$1.41)
- Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices jumped by €32-35/mt ($39-42/mt) cfr on Friday.
- Spanish ferrous scrap import indices surged over the past week largely tracking pricing action on major seaborne trade routes, particularly to Turkey.
- A European-origin Spanish-bound cargo of HMS 1&2 (80:20) was heard to have been sold at around €385/mt cfr northern Spain early this week. Since then, fresh bids from Spanish ferrous scrap buyers appear to have plateaued compared with the last concluded transactions.
- Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices increased by €30-33/mt fob during the week. (€1=$1.21)
- Davis Index’s monthly Spanish consumer ferrous scrap indices surged by €37-43/mt ($45-52/mt) over the past month following the conclusion of local mill-yard negotiations in mid-May.
- Spanish onshore ferrous scrap benchmarks soared as mills were obliged to bid up for material amid parabolic increases in the export market. For example, Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index leaped by $75/mt cfr Turkey over the past month on May 12.
- Spanish ferrous scrap buyers believe that the prices paid on Thursday would likely be old news and considered extremely cheap within the next 24 hours.
- Davis Index’s E1 (old thin), E3 (old thick), and E40 (shredded) jumped by €37-43/mt delivered mill, respectively. (€1 = $1.21)
- US East Coast and Houston dock collection prices for ferrous scrap continued trending up for the second consecutive week on rising export activity and prices. Still, East Coast dock prices are lagging in relation to the soaring export markets.
- The Davis Index for US HMS 1&2 (80:20) exports to Turkey are up $44.40/mt since last week on strong demand. This also represents a $75/mt rise compared to a month prior.
- East Coast dock sales for #1 HMS ranged between $345-385/gt on Tuesday based on dock location and base price from prior sales though a bulk exporter was heard to be offering up to $400/gt for #1 HMS.
- Overall, this week’s East Coast dockside price levels indicate a jump of around $5-25/gt, leaving a gap in comparison to the latest growth in Turkish sales. Houston docks have gained more and moved up by $35-40/gt since last week.
- In Boston, the weekly Davis Index for export yard #1 HMS, P&S 5ft, and shredder feed increased by $6/gt, $5/gt and $2/gt delivered Boston export yard, respectively.
- The weekly Davis Index for export yard buying prices in New York moved up by $17/gt for #1 HMS and P&S 5ft, respectively, while shredder feed increased by $8/gt delivered.
- In Philadelphia, the Davis Index for export yard collection prices of #1 HMS rose by $17/gt delivered, P&S 5ft moved up by $16/gt delivered Philadelphia dock, and shredder feed increased by $11/gt delivered.
- In Houston, the weekly Davis Index soared by $40/gt for #1 HMS delivered, P&S 5ft surged by $37/gt delivered and shredder feed moved up by $19/gt delivered Houston dock.
- US West Coast dock prices rose over the past week with docks lifting their scrap buying prices for dealers who received lower rates in the past.
- Import prices are speculated to reach $530/mt cfr on US-origin HMS 1&2 (80:20) cfr Turkey within the month by some market participants. The anticipated increase is supported by a boost in rebar sales, strong selling prices, and a tight global scrap market. Higher iron ore prices are also supporting stronger scrap price movements.
- The EU region encountered dock price increases of $29/mt while HMS grades in the UK rose by $14-18/mt. US docks also adjusted their prices upwards following a hot export scrap market led by higher Turkish import deals and a $50/mt surge in the recent Kanto scrap tender. The increase in finished steel goods along with domestic scrap price hikes is expected to support firm export offers in Japan.
- Domestic scrap prices increased in China, India, Turkey, South Korea, Taiwan, and Vietnam among other small scrap importers. Domestic supplies are tight amid high demand, which will continue to support import scrap prices if mills continue anticipating strong finished steel sales.
- Scrap buyers from Bangladesh and Pakistan are expected to return after the Eid holiday in mid-May. The tight container market and higher freight costs are projected to encourage mills to engage in bulk buys.
- The weekly Davis Index in Portland for export yard scrap rose by $25/gt for #1 HMS delivered as regional docks became more aggressive with increases of $20-30/gt. P&S 5ft and shredder feed climbed by $14/gt and $9/gt delivered, respectively.
- Docks increased buying prices on export demand at higher prices as they competed to attract feedstock from Pacific Northwest mills. Given the export support, the US domestic scrap market could rise by $40-50/gt in June, translating to an increase of $25-30/gt in the region.
- In Los Angeles, the indexes increased with #1 HMS rising by $13/gt delivered and P&S 5ft by $12/gt delivered. Shredder feed remained unchanged. The prepared grades increased without an official price increase as loads were able to achieve higher buying prices.
- In San Francisco, the Davis Index rose as sellers expected higher prices. #1 HMS, P&S 5ft, and shredder feed increased by $9/gt, $12/gt, and $11/gt delivered, respectively.
- US containerized scrap prices leaped on both coasts after ferrous prices soared over the past week on active deals.
- Container supply is improving with more availability expected amid active negotiations for containerized scrap. As a result, containerized ferrous scrap prices surged on Thursday with some late-day deals reported at increases of $5-10/mt compared to earlier in the day.
- Scrap buyers are actively quoting imports from Australia, EU, Japan, Latin America, UAE, the UK, the US, and anywhere that raw material is on offer. Scrap export prices from the US are being supported by higher iron ore prices as well as heightened demand and short supply due to global economic recovery after a year of varied shutdowns owing to the COVID-19 pandemic.
- Asian and Turkish mills are facing higher domestic scrap prices and limited supplies, which is also increasing interest in imported volumes. Finished steel sales in China, the EU, the UK, and the US are considered to remain firm. The strong finished steel prices and long lead times are also encouraging the higher raw material prices.
- In New York, the weekly Davis Indexes grew by $25-44/mt with #1 busheling increasing by $25/mt and HMS 1&2 (80:20) by $44/mt fas.
- Some buyers reported buying heavy melt grades at close to higher grade prices on limited availability. Others reported being successful at buying on the more traditional spread of $10-20/mt for HMS 1&2 (80:20) against shredded.
- The shredded index in New York rose by $31/mt while P&S 5ft climbed by $30/mt fas. Machine turnings leaped by $42/mt fas.
- The weekly Los Angeles containerized scrap indexes rose by $21-28/mt with #1 busheling, HMS 1&2 (80:20), P&S 5ft, and shredded climbing by $28/mt, $21/mt, $24/mt and $26/mt fas, respectively.
- In San Francisco, the weekly indexes rose by $21-31/mt. The index for #1 busheling increased by $31/mt fas while HMS 1&2 (80:20) climbed by $21/mt. P&S 5ft and shredded both rose by $26/mt fas.
- The weekly Davis Indexes in Seattle increased by $21-29/mt with #1 busheling, P&S 5ft, shredded, and HMS 1&2 (80:20) rising by $29/mt, $27/mt, $25/mt, and $21/mt fas, respectively.
- Turkey’s import scrap price via bulk has fueled the global scrap market. The latest Japanese Kanto scrap auction increases have also made Japanese scrap more expensive for buyers who are turning to the US for inventories.
- Mexico’s domestic ferrous scrap prices increased on Friday amid strong demand in the North, Bajío, and Central regions.
- A continued hike in the Turkey ferrous scrap prices is expected to put pressure on the US scrap market, which will also impact the Mexican market.
- Meanwhile, mills from Monterrey in North Mexico and Veracruz in Bajío have started purchasing #1 busheling from the Central area affecting prices in that region. Prices across all three regions are expected to climb next week as well.
- In Central Mexico, the weekly Davis Indexes for #1 HMS, P&S 5ft, shredded, and #1 busheling rose by MXN200/mt delivered Mexico consumer. Machine shop turnings increased by MXN100/mt delivered.
- The weekly Davis Indexes in Bajío for shredded and machine shop turnings climbed by MXN33/mt, respectively, while #1 HMS, P&S 5ft, and #1 busheling climbed by MXN58/mt delivered, MXN105/mt, and MXN117/mt delivered, respectively.
- In North Mexico, the weekly Davis Index for P&S 5ft and shredded moved up by MXN17/mt. The indexes for #1 HMS and machine shop turnings remained unchanged while #1 busheling fell by MXN61/mt delivered. ($1=MXN19.85)
- Japan’s monthly Kanto Tetsugen scrap tender concluded on Tuesday, May 11. Three winning bids were awarded a total of 15,150mt of Japanese #2 HMS scrap.
- The average of winning bids was up JPY5,443/mt or $50/mt fas Tokyo bay from last month. Japanese steelmaker Tokyo steel revised its ferrous scrap purchase prices thrice this week following a jump in bids in the Kanto tender. Active global demand and price levels along with a supply drop drove prices. Bids rose within a week by over JPY5,000-6000/mt after remained constant since April 21.
- The weekly index for #2 HMS, Wednesday, rose JPY5,000/mt fob Japan. On a fas basis, the weekly index for the grade rose JPY4,250/mt ($39.08/mt).
- Firm HRC and billet asking prices increased profit margin for Japanese EAF makers. But amid a shortage of scrap and the resulting rise in prices, mills are worried about margins narrowing.
- The weekly index for P&S 5ft (small bulk) China port settled up by $20/mt due to a rise in offers.
- The weekly indexes for Japanese small bulk HMS 1&2 (50:50) rose $18/mt cfr Taiwan and Vietnam. A wide disparity between bids and expectations kept the market silent. ($1=JPY108.5)
- The weekly Davis Index for domestic Heavy A rose, Tuesday, by KRW10,000/mt delivered Incheon. While the weekly Davis index for domestic Heavy A, Tuesday, increased by KRW15,000/mt delivered Pohang.
- The weekly Davis Index for domestic Light A grade settled up KRW10,000/mt delivered Pohang. South Korean mills opted for domestic scrap over imported purchases. Widening profit margins for electric furnace-based steelmakers on high steel export prices could support mills to procure scrap at higher prices.
- South Korean mills stayed away from bulk purchases from Russia, Japan, and the US West Coast this week.
- The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled cfr South Korea, up by $32/mt. The weekly Davis index for P&S 5ft, Wednesday, climbed $32/mt cfr South Korea. ($1=KRW1,119)
- The weekly Davis Indexes for domestic HMS 1&2 (80:20) rose by TWD300/mt delivered Northern and Southern mills.
- Taiwanese mills raised billet export prices amid strong Chinese domestic demand. CSC steel hiked domestic steel prices by TWD1,000-2,500/mt ($36-89/mt) for June shipments citing a wide gap between domestic and international steel prices. On average, the company raised prices by 8 pc from the prior month.
- The weekly Davis Index for containerized #1 HMS rose by $27/mt on Thursday cfr Taiwan
- The indexes for P&S 5ft rose by $29/mt while #1 bushelling rose by $29/mt cfr Taiwan from the prior week. ($1=TWD27.90)
- The weekly Davis Index for the HMS (80:20) was up CNY225/mt delivered mill on Tuesday.
- Shagang steel raised scrap purchase prices by a total of CNY270/mt over the week. The steelmaker also announced a hike in steel prices for mid-May shipments by CNY500-600/mt ($77-93/mt).
- Chinese ferrous scrap consumption has increased by 25pc from the prior month, a local media report claimed.
- In China’s domestic market, billet prices rose over CNY600-700/mt ($94-109/mt) since the country resumed trading after the labor day holidays on Tuesday.
- On Friday, for 62pc Fe, spot iron ore prices tumbled below $210/mt cfr China after jumping to $233/mt cfr China. Billet prices dropped by CNY150/mt ex Tangshan on Friday.
- Chinese rebar and HRC prices dropped by CNY192/mt and CNY236/mt, respectively, on Friday. ($1=CNY6.42)
- The weekly Davis Index for HMS 1&2 (80:20) in Vietnam was up by VND500,000/mt delivered Southern mill. After Baosteel revising HRC offers by $47/mt ex-works for June shipments, Vietnamese HRC and long steel producers including Hoa Phat steel and Formosa Steel raised their prices.
- The announcement of a $100/mt price hike by Formosa steel for HRC June-July shipments is likely to boost steel prices and aid ferrous scrap imports in the near term.
- The weekly Davis index for containerized #1 HMS, Thursday, rose by $28/mt cfr Vietnam. Shredded, P&S 5ft and #1 bushelling indexes were up by $26/mt, $26/mt, and $25/mt, respectively.
- Vietnamese mills who were largely away from imported ferrous scrap trades last week could resume bookings. In the container market, offers for FEUs of HMS 1&2 (80:20) surged by over $30-35/mt cfr Vietnam. ($1=VND23,062)
- The weekly Davis index for P&S 5ft and shredded rose cfr Indonesia port, by $29/mt amid tight supply on Thursday. The market was largely silent due to the Ramadan and Eid holidays.
- The weekly Davis index for domestic HMS 1&2 (80:20) rose by THB250/mt delivered Rayong mill. Offers for domestic P&S 5ft rose by THB150/mt on Tuesday.
- Steel mills continued to offer billets in the export market. But deals were limited since other supplier countries offered billets at lower prices. ($1=THB31.10)
- The weekly Davis Index for HMS 1&2 (80:20) rose by MYR50/mt delivered western mill and by MYR55/mt delivered eastern mill. ($1=MYR4.12)
- Large-scale mills continued to book imported ferrous scrap in India as they received more export orders. Small and medium-scale mills, however, were cautious amid weak demand in the domestic market. A drop in Chinese steel prices late-week also weakened sentiment in the market.
- The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, cfr Nhava Sheva, up by $2/mt. Offer levels for the grade have neared record prices seen in 2008. From last week, the index rose $37/mt. Offers for HMS #1 from Dubai-origin spiked on tight supply and strong global cues.
- Offers for containerized shredded remained firm after scaling up by $30-35/mt. The Davis Index for containerized shredded, Friday, rose by $32.5/mt PKR152.2 from a week ago. Mills, however, resisted shredded scrap bookings and turned cautious.
- In the bulk market, offers for HMS 1&2 (80:20) surged over $40-50/mt cfr Kandla. Amid a sharp rise in containerized prices, mills on India’s East coast could opt for bulk bookings in the coming days.
- The index for US-origin HMS 1&2 (80:20), Friday, jumped by a record $42.5/mt amid non-availability of containers and severe logistic challenges. Buyers turned cautious and resisted high prices for long transit scrap.
- For higher-grade scrap, there were hardly any buyers in the market. The indexes for P&S and #1 busheling rose cfr Nhava Sheva rose by $33/mt and $32/mt, respectively, from the last week.
- Offers for Turning scrap jumped by $35-40/mt from a week ago. For West African HMS 20-21mt loading, trades in thin volumes cfr Goa and Chennai. ($1=Rs73.27)
- Domestic ferrous scrap prices were on an uptrend this week amid tight supply and firm demand from the mills. The Davis index for HMS 1&2 (80:20) rose by Rs1,000/mt del Mumbai mills on Friday from the previous week
- Markets in the north followed a similar trend and the index for HMS 1&2 (80:20) rose by Rs700/mt del Mandi Gobindgarh.
- Imported ferrous scrap trades in Pakistan continued to pick up gradually despite the Eid holidays.
- Ferrous scrap offers in containers have surged rapidly, however, prices may stabilize as most countries, including China, are taking notice of high steel prices and could intervene to tame them down.
- The pace of trading would pick up once mills resume bookings after May 17.
- The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, settled unchanged cfr Port Qasim. From last Friday, the index increased by $35/mt. UAE-based sellers were active despite holidays as prices could stay firm.
- Sellers continued to raise offers taking cues from global markets. The Davis Index for containerized shredded, Friday, cfr Port Qasim, rose by $19.5/mt from the prior Friday.
- The daily index for US-origin HMS 1&2 (80:20), Friday, spiked by $40/mt from the prior Friday nearing the prior high seen during late 2008.
- The Davis Index for P&S 5ft and #1 busheling on Friday rose by $33/mt. Supply for prime grades remained tight.
- The index for domestic Bala billet rose by PKR250/mt to ex-works. The weekly Davis Index for G-60 billet remained unchanged ex-works Punjab. Amid almost halted trading for finished steel, the weekly Davis Indexes for rebar settled unchanged ex-works Karachi and Punjab. Mills are optimistic of steel demand post-Eid.
- Domestic ferrous scrap supply remained tight. The weekly indexes for Art Q toke scrap equivalent to a mix of HMS and P&S, Friday, settled ex-yard Lahore, up PKR500/mt. The weekly index for Pure Q toke scrap (equivalent to shredded) settled ex-yards Lahore, up PKR50/mt. ($1=PKR152.20)
- Imported ferrous scrap offers in Bangladesh remained firm. Trading, however, nearly paused this week amid Eid-al-Fitr celebrations. Laborers have migrated to their hometowns. The diversion of liquid oxygen for medical use led to the suspension of operations at ship-breaking yards.
- The government is likely to extend the lockdown by another week after May 16, keeping logistics slower than usual.
- The daily Davis Index for containerized shredded, Friday, settled unchanged cfr Chattogram. The index rose by $33.75/mt from the prior Friday.
- Yards were interested in catering to bulk inquiries due to a shortage of empty containers. With limited availability of shredded with US yards, most were keen on supplying material to China where bids were higher than other importing countries.
- The Davis indexes for P&S and #1 busheling, Friday, cfr Chattogram rose by $34/mt and $39/mt respectively, from the prior Friday. Semiconductor and chip shortages have forced automakers to shut productions, resulting in the limited generation of grades like busheling.
- Most Latin American yards kept their offers for HMS 1&2 (80:20) high on higher freight charges and active domestic demand, pushing the index up by $23/mt from the prior Friday.
- The indexes for US-origin, UK-origin, and Australia-origin containerized HMS 1&2 (80:20), Friday, settled cfr Chattogram, up by $32.64/mt, $30/mt, and $33/mt, respectively, from May 7.
- The weekly indexes for ship scrap equivalent to P&S and domestic HMS 1&2 (80:20) settled ex-yards, down $500/mt on Friday.
- The weekly index for billet ex-works, dropped by BDT1,000/mt from the prior Friday. Mills, however, target a minimum of BDT5,000-6,000/mt hike considering the increased conversion cost and raw material import prices.
- Large-scale steelmakers held offers for rebar were firm ex-works with the index settled unchanged on Friday. Trades for finished steel have thinned amid a pause in construction activities during the Eid holidays. ($1=BDT84.84)
- The weekly Davis Index for CIS basic pig iron increased by $17/mt fob Black Sea on bullish market sentiment on Thursday.
- CIS pig iron exporters raised offers to $610-635/mt fob Black Sea depending on destination, due to the uptrend in global ferrous scrap, iron ore and steel product markets and limited pig iron availability.
- Deals were sporadic in the second week of May, though a Russian supplier sold pig iron at $630/mt fob Black Sea to Turkey and at $650/mt fob Baltic Sea to Western Europe. The same exporter traded the material to South Korea from Vladivostok at a price that is equivalent to $670/mt fob Black Sea.
- The weekly Davis Index for CIS pig iron in Italy increased by $20/mt on Thursday after a trader sold some tonnages for distribution at around this level.
- The weekly Davis Index for basic pig iron (BPI) surged by $45/mt cfr New Orleans port on Friday on higher-priced sales from Southern Brazil along with rising offer prices from bullish CIS and Brazilian producers.
- The last BPI deals were from Southern Brazil at $640-650/mt cfr Nola, following last week’s transaction at $620/mt cfr Nola, for lower grade material. The latest price points for BPI imports have soared by $76/mt in one month compared to the grade transacting at around $576/mt cfr Nola on Apr 16.
- Most recent offers from Brazilian producers stand at $635-640/mt cfr Nola which equates to $645-650/mt cfr Nola for a normal grade equivalence. CIS offers for BPI are currently at $660-720/mt cfr Nola while US buyers are viewing the next spot purchase to settle at around $650-660/mt cfr Nola.
- For comparison, Chinese traders and mills are actively examining the pig iron market. Presently, bids from China are close to US levels, at around $650/mt cfr China. Recent Russian sales were reported at $630/mt fob Black Sea to Turkey, $650/mt fob Baltic Sea to Western Europe and to South Korea from Vladivostok at a price equivalent to $670/mt fob Black Sea.
- The Davis Index for nodular pig iron (NPI) imports increased by $50/mt cfr Nola. Material availability remains limited, and the latest offers involve July or later shipment. Offers heard for NPI this week start at $710/mt cfr Nola and are as high as $750/mt cfr Nola, with bids just below these points.
- US hot briquetted iron (HBI) imports increased by $30/mt cfr Nola. Offers or bids have not been heard recently but the grade’s price is estimated based on the most recent offer levels and price movements occurring with similar alternative grades.
- In a week, the index for sponge rose by Rs2,500/mt ($34.12/mt) del Mumbai mills and by Rs1,600/mt del Mandi Gobindgarh mills amid a rise in input cost.
- Indian state-owned iron ore miner, National Mineral Development Corporation (NMDC) hiked iron ore prices on Thursday. Lump ore (65pc,6-40mm) prices have risen by Rs700/mt ($9.53/mt) to Rs7,650/mt while fines (64pc, 10mm) prices increased by Rs1,500/mt to Rs6,560/mt.
India semi-finished and finished steel
- Semi-finished and finished steel prices in India ended their week-long uptrend on Friday. Although large-scale mills focussed on exports, small-and-medium scale mills remain distressed by weak demand for steel in the domestic market. Lockdowns and stringent movement restrictions in most regions have impacted economic activities.
- The daily Davis Index for rebar in Raipur settled unchanged on Friday, but from a week ago, it increased by Rs2,800/mt ex-works. The index for billet declined by Rs400/mt from Thursday, but from a week ago, it was up by Rs1,600/mt. Since early this month, billet prices have increased by Rs2,000/mt ex-works Raipur keeping mills away from purchases on Friday. A decline in production due to lack of oxygen has also impacted billet deals.
- In Mumbai, the daily Davis Index for rebar was unchanged on Friday but increased by Rs600/mt from the last Friday. The index billet declined by Rs200/mt ex-works Mumbai from Thursday but increased by Rs300/mt in a week.
- In Mandi, the daily index for ingot declined by Rs550/mt but increased by Rs200/mt from last Friday. ($1=Rs73.27)
- Shipbreaking scrap prices rose this week amid a continued shortage of tonnages and a slowdown in dismantling activities.
- The Davis Index for HMS attachments and Melting rose by Rs1,000/mt ex-Alang on Friday from last week.
- Domestic mills in Gujarat were seen buying on a need basis and were focused majorly on tapping export markets as domestic sales are low.
- The indexes for 4Ani rose by Rs1,000/mt ex-Alang, 14Ani rose by Rs800/mt ex-Alang.
- Due to the slowdown in gas cutting activities, prices for ship plates rose throughout the week and the index for 2kg plates rose by Rs1,000/mt ex-Alang. ($1=73.27)