Ferrous Market Update 08/06/2021
- The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) trended flat on Friday due to a lack of transactions.
- Trading activity was sluggish this week amid an existing gap between bids and offers with no bookings reported so far. Turkish mills require at least 20 deep-sea cargoes for September shipment and have enough time to complete their purchases because of which, they are trying to find cargoes from the USA and the Baltic region at $450/mt cfr for HMS 1&2 (80:20). However, some suppliers who offered cargoes with a significant content of HMS 1&2 (80:20) found no interest from mills.
- Spot rebar prices in the Turkish domestic market declined by TRY30/mt from the upper end of the previous range on Friday and sales remained difficult. Icdas reduced its local rebar prices by TRY80/mt amid currency fluctuations. ($1=TRY8.53)
- The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey decreased by TRY37/mt on Monday amid lower prices for imported material and steel products.
- Most Turkish mills dropped their purchase prices for DKP grade scrap adding to a persistent downtrend in the domestic market with Diler Demir Celik, Kardemir, and Isdemir reducing them by TRY100/mt to TRY3,870/mt delivered, TRY4,430/mt delivered, and TRY4,005/mt delivered, respectively, on Aug 3-4. ($1=TRY8.53)
- The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by $10/mt in the Baltic Sea and by $18/mt in the Black Sea on Monday as negative sentiment reigned in the export market.
- Russian export trading was subdued following scarce inquiries for ferrous scrap from Turkey. Bids for HMS 1&2 (80:20) from St Petersburg didn’t exceed $460/mt cfr after Turkish mills purchased the same grade from the USA at $461-464/mt cfr in the past week.
- Most sellers in Rostov-on-Don decided to withdraw offers after bids for A3 material in Turkey fell to $440/mt cfr and lower, considering a sale from Romania at $425/mt cfr for HMS 1&2 (80:20). This led to slow negotiations during the week.
- Scrap inflow to export yards was sluggish in Russia and the weekly Davis Index for A3 scrap remained unchanged in St Petersburg dock, while declining by RUB200/mt in Rostov-on-Don dock. ($1=RUB73.64)
- The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region declined by €2/mt on Tuesday as market sentiment remained bearish.
- Ferrous scrap exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) continued to reduce collection prices after Turkish importers achieved deals at lower prices. A supplier from Belgium sold 10,000mt of HMS 1&2 (80:20) at $458/mt cfr, 15,000mt of shredded scrap and 15,000mt of bonus material at $478/mt cfr for September shipment last week, and bids for European HMS 1&2 (75:25) and HMS 1&2 (80:20) in Turkey fell to $450-455/mt cfr this week.
- Still, ferrous scrap collection remains slow in the EU due to stronger demand in the domestic market and the vacation season, leading to limited declines in dockside prices. (€1=$1.17)
- Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £5-8/mt ($7-11/mt) delivered dockside on Tuesday as buyers dropped rates to stem yard inflows and protect narrowing margins from declining export benchmarks.
- Davis Index’s Turkish HMS 1&2 (80:20) ferrous scrap import index has fallen by almost $8/mt since Aug 2.
- Some UK-based bulk exporters have paid premiums to maintain the flow of larger sized parcels, keeping benchmarks relatively elevated.
- The weekly indices for north and south UK OA (Plate & Girder) fell by £4/mt delivered dockside while north and south UK 5A/5C (frag feed) ferrous scrap indices softened by £3/mt delivered. (£1=$1.39)
- Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices declined by €10/mt ($12/mt) cfr on Friday.
- Spanish import prices declined over the past week, largely reflecting recent cuts in the UK and North European dockside purchase prices. For example, UK HMS 1&2 (80:20) dockside ferrous scrap rates fell by £5-8/mt this week while those in northern Europe dropped by €6-12/mt over the past two weeks.
- Some southern European ferrous scrap buyers are on annual leave, while seaborne suppliers have also had to cut rates to remain competitive versus domestic dealers.
- Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices dropped by €10/mt fob during the week. (€1=$1.18)
- US East Coast collection prices for ferrous scrap declined though the dips were milder this week, while Houston docks experienced steeper declines on weak exports and soft domestic markets.
- Scrap has been in ample supply in several markets during the summer months on rising intake flows into scrapyards, which has impeded price growth over the past month. Relatedly, domestic trading for August wrapped up with softening prices and reduced mill buying, especially near the East Coast.
- Exports have been waning although the drop decelerated this week. The Davis Index for US HMS 1&2 (80:20) cfr Turkey was down $1.66/mt cfr on Tuesday compared to Aug 3. The monthly view shows prices for this export grade have decreased by $22.95/mt on Tuesday against Jul 13.
- Dockside prices have been trickling downward since late June along with the expectation that they will remain weak in the short term. Still, market participants do not foresee imminent, sizable dockside price decay.
- Sales for #1 HMS on the East Coast fell by around $5/gt, comparable to the past three weeks, and range from $340-365/gt per dock location and prior sales level. The grade is down approximately $25-30/gt versus the range of $365-395/gt one month ago.
- In Boston, prices remain weaker than other docks in the vicinity. The weekly Davis Index for export yard #1 HMS fell by $5/gt delivered Boston dock and P&S 5ft decreased by $4/gt delivered. The shredder feed index fell by $7/gt delivered Boston export yard.
- The weekly Davis Index for export yard buying prices in New York decreased by $3/gt for #1 HMS, P&S 5ft fell by $4/gt and shredder feed held unchanged at New York dock.
- Philadelphia’s Davis Index for export yard collection prices moved down by $2/gt for #1 HMS delivered and P&S 5ft fell by $3/gt delivered Philadelphia dock. The index for shredder feed trended flat though with a $1/gt uptick.
- In Houston, the weekly Davis Index decreased by $28/gt for #1 HMS delivered while P&S 5ft and shredded both slipped by $21/gt delivered Houston dock. Area participants noted dock prices are generally down about $20/gt since last week in tandem with recent domestic trading.
- US West Coast dockside ferrous scrap prices were rangebound after falling by about $10/gt last week, following gains across the three West Coast docks this week.
- Portland docks reduced their prices after a drop in domestic scrap prices in the August ferrous scrap market but gave a few dollars back this week. San Francisco and Los Angeles docks followed suit where larger volumes for P&S 5ft gained during the week’s transactions.
- The Davis Index for US-origin HMS 1&2 (80:20) fell by $1.66/mt cfr Turkey on Tuesday from Aug 3. While export inquiries on bulk containers point to lower transactions compared to the previous month, market participants report that docks anticipate importing mills will book bulk scrap due to the tight container market and COVID-19 economic shutdowns in Asia over the past month. Recovering economic activity, improved steel prices, and limited domestic supply is also expected to aid this decision.
- Moreover, while seasonal scrap inventories have slightly increased in the US, excessive scrap supply is not being reported along the coast. Demand from domestic mills along the Pacific Northwest, and Central US regions, and Mexico is also pulling scrap from the West Coast.
- Japan’s weekly domestic scrap prices trended flat with low collection volumes due to the ongoing holiday. Market participants express uncertainty over Japan’s price movements but note that South Korea and Taiwan’s domestic scrap prices are mostly trending unchanged. In China, scrap and semi-finished steel imports may increase following the announced production cuts to meet emission standards for H2 2021. Still, even if Chinese buys do not materialize, the scrap market is not expected to drop substantially as it is supported by high finished steel prices and continued economic stimulus packages both domestically and abroad.
- The weekly Davis Indexes in Portland for export yard scrap were unchanged for #1 HMS and shredder feed delivered export yard. P&S 5ft fell only by $1/gt as some docks sought to reduce buying prices but others paid more in some deals as they sought inventories.
- The San Francisco weekly Davis Index for #1 HMS trended flat while P&S 5ft rose by $2/gt delivered and shredder feed climbed by $3/gt delivered.
- In Los Angeles, the Davis Index for #1 HMS contracted by $1/gt delivered but P&S 5ft climbed by $3/gt delivered as the dock sought to attract larger volume transactions. Shredder feed continued flat.
US containerized ferrous scrap prices increased in New York while the West Coast hubs of Los Angeles, San Francisco, and Seattle were rangebound with a hint of an upward trend noted into Thursday on better grades.
- The New York weekly Davis Indexes were reenergized with recent trades at $480/mt fas and moving above on shredded grade after experiencing lower prices reported from $455-470/mt fas in the previous two weeks. Buyers report shredded at $480-490/mt fas from Georgia and New Jersey ports.
- The index for #1 busheling and machine turnings climbed by $10/mt fas New York port. Busheling is primarily being offered towards the domestic market given the tight inventories and higher prices. HMS 1&2 (80:20) grew by $16/mt while P&S 5ft and shredded both gained $17/mt.
- The weekly Los Angeles Davis Indexes for HMS 1&2 (80:20) declined by $4/mt while #1 busheling rose by $5/mt and P&S 5ft and shredded rose by $2/mt each. The better grades received additional inquiries and several market participants noted the possibility of an upward trend over the next two weeks. Buyers from Taiwan and South Korea also noted the semblance of an uptrend.
- Traders note that buyers are delaying commitments, though the global scrap is considered tight putting some upward pressure on prices. Additionally, they are hesitating due to the rise in COVID-19 concerns in their domestic markets and historical summer doldrums in ferrous trading.
- Mills in Asia are facing summer electricity curtailments. The outlook is anticipated to continue limiting production until mid-September, after which output may increase by shift or by adding approximately 20-30pc in production output into late September and October. Bangladeshi, Pakistani, South Korean, and Taiwanese buyers are anticipated to return next month.
- Japanese domestic ferrous scrap prices have remained flat over the week, with an anticipation of a price direction established by the Kanto tender late next week.
- The San Francisco Davis Indexes for #1 busheling gained by $3/mt fas. HMS 1&2 (80:20) dropped by $4/mt while P&S 5ft and shredded rose by $1/mt, respectively.
- In Seattle, the Davis Index for #1 busheling climbed by $3/mt as HMS 1&2 (80:20) continued the regional trend by contracting by $4/mt. P&S 5ft and shredded indexes trended unchanged.
- The latest US-origin import scrap deal to Turkey shifted the US-origin HMS 1&2 (80:20) index down further by $7.77/mt on Thursday from Aug 5 which had already declined over $7/mt from the corresponding previous week. US domestic traders mostly expect a soft sideways trade in the September trading week with fewer expressing an optimistic outlook in a scenario that has September regaining the price loss of $0-30/gt against the previous month encountered in the August settled prices.
- Mexican ferrous scrap prices declined for the second successive week on Friday after buyers continued to prefer imports over domestic scrap.
- Ferrous scrap prices declined by an average of MXN50/mt ($2.90/mt) despite strong demand. Prime grades like #1 busheling which remain in limited supply were rangebound, though readily available secondary grades like #1 HMS declined.
- The most pronounced decrease was witnessed in the Bajío region where the weekly Davis Indexes for both #1 HMS and machine shop turnings fell by MXN183/mt to MXN10,373/mt and MXN9,533/mt delivered, respectively.
- Bajio Mexico’s weekly index for P&S 5ft decreased by MXN17/mt delivered. Shredded decreased by MXN17/mt delivered, and #1 busheling remained unchanged.
- The weekly Davis Index in Northern Mexico for #1HMS decreased by MXN75/mt delivered Mexico consumer on Friday, Machine shope turnings went down by MXN28/mt to MXN9,513/mt delivered, while P&S ft5, shredded, and #1 busheling went sideways delivered on Friday.
- In Central Mexico, the weekly Davis Index for #1HMS went down by MXN150/mt delivered Mexico consumer on Friday, while P&S 5ft rose by MXN50/mt delivered, machine shop turnings decreased by MXN150/mt, and shredded and #1 busheling went flat delivered today. ($1 = MXN19.89)
Tokyo steel kept its ferrous scrap purchase prices unchanged. Bids for HMS #2 are at JPY48,500/mt ($439.68/mt) del Utsunomiya and JPY49,000/mt ($444.92/mt) del Takamatsu.
- The market is expected to be largely quiet for a while with fewer inquiries from overseas buyers until the end of the Obon holidays. Kanto tender will take place on Aug 19, which most market participants are going to rely on for a sense of direction.
- Demand for HMS #2 could remain weak. Scrap collection also remains low amid Obon holidays.
- The weekly Davis Index for #2 HMS, Wednesday, fell JPY1,250/mt ($11.29/mt) fob Japan and fas Japan.
- The weekly Davis Index for Japanese P&S 5ft (small bulk) settled down by $10/mt cfr China port.
- The weekly index for #1 busheling (shindachi) increased by JPY1,750/mt fob Japan and up by JPY750/mt fas Japan.
- The weekly Davis Index for shredded rose by JPY3,000/mt ($27.09), and the index for HS was up by JPY2,750/mt ($24.84/mt) fas Japan.
- Japanese HMS 1&2 (50:50) cfr Vietnam’s index fell by $5/mt cfr Haiphong.
- The index for Japanese HMS 1&2 (50:50) settled down by $8/mt cfr Taiwan. ($1 = JPY110.21)
- In South Korea, trading in the domestic market slowed as many mills announced maintenance shutdowns. Supply, however, remains tight.
- The weekly Davis Indexes for domestic Heavy A settled flat del Incheon and del Pohang.
- The weekly Davis Index for domestic Light A was also unchanged del Pohang.
- The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, settled down by $6/mt cfr South Korea.
- The weekly Davis Index for P&S 5ft and shredded dropped by $6/mt each cfr South Korea.
- The weekly Davis Index for #1 HMS fell by $6/mt cfr South Korea in a silent market.
($1 = KRW1165.19)
- The weekly Davis Indexes for domestic HMS 1&2 (80:20) settled flat del Northern mill and del Southern mill.
- Feng Hsin Steel kept its scrap purchase bids flat for the second week, while rebar prices were decreased by TWD300/mt ($10.77/mt). The producer kept the prices of section steel flat.
- The weekly Davis index for HMS 1&2 (50:50) fell $8/mt cfr Taiwan.
- Prices are dropping for Taiwan’s imported ferrous scrap. The weekly Davis Index for containerized #1 HMS dropped $13/mt while #1 busheling dropped by $5/mt cfr Taiwan.
- The index for shredded dropped by $5/mt while the index for P&S 5ft dropped by $5/mt cfr Taiwan.
- The index for HMS 1&2 (80:20) went up by $5/mt cfr Taiwan port on Friday. ($1 = TWD27.83)
- The weekly Davis Index for HMS 1&2 (80:20) settled down by $50/mt del China consumer on Tuesday.
- In China, the market was driven by the bears through this week amid stricter production curbs and increasing concerns about the spread of new variants of COVID-19. Port operations have been affected due to enhanced quarantine controls at various sites and transportation facilities.
- The daily domestic billet price in China on Friday dropped by CNY20/mt to CNY5,090/mt ($785/mt) ex-Tangshan inclusive of VAT. Billet prices in China were higher by just CNY10/mt from last Friday.
- International daily iron ore Fe 62pc price index dropped by $4.75/dmt to $161.45/dmt cfr North China on Thursday. From the prior week, prices have dropped by almost $10/mt.
- Shagang group has cut its steel scrap procurement price by CNY50/mt ($7.7/mt) to CNY3700-3,750/mt delivered Zhangjiagang works, including VAT on Aug 10. The steelmaker has lowered rebar prices for mid-August deliveries by CNY200/mt ($30.8/mt) from early Aug.
- Weak billet export demand from the ASEAN countries amid ongoing restrictions weighed down Asian billet prices. China continued billet imports at $700-705/mt cfr China. ($1=CNY6.48)
The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND109,265/mt ($4.77/mt) delivered Southern mill.
- Vietnam extended movement restrictions till Aug 22.
- The weekly Davis index for containerized #1 HMS, Thursday, dropped by $5/mt, cfr Vietnam. The weekly index for shredded dropped by $6/mt while P&S 5ft dropped by $12/mt cfr Vietnam.
- The weekly index for #1 bushelling dropped by $7/mt cfr Vietnam port.
- The weekly Davis index of HMS 1&2 (80:20) cfr Vietnam, went down by $6/mt from the prior week.
- Vietnamese steelmaker Hoa Phat’s crude steel production increased to 700,000mt in July, up by 70pc from a year ago with sales at 600,000mt. In the Jan-July period, crude steel production rose to 4.8mn mt, up by 58pc from the prior year period. ($1 = VND22,832.50)
The weekly Davis index for P&S 5ft fell by $14/mt cfr Indonesia port.
- The weekly Davis Index for shredded and busheling fell by $12/mt each cfr Indonesia.
- The partial lockdown in Indonesia is extended for one more week. Domestic scrap prices are still cheaper and therefore preferred.
- Deals were heard at $500/mt for P&S 5ft container cfr Indonesia from Hong Kong. ($1 = IDR14,367.10)
The weekly Davis index for domestic HMS 1&2 (80:20) settled down by TWD50/mt ($1.49/mt) del Rayong mill.
- Thai mills continued to stay silent amid COVID-19 restrictions. ($1 = THB33.36)
The weekly Davis Index for HMS 1&2 (80:20) for del eastern mill and western mill went down by MYR15/mt ($3.55/mt). Malaysia could relax some movement restrictions soon.
($1 = MYR4.24)
- Mills in India resumed trades for imported ferrous scrap but for immediate melt requirements. Steel prices were largely steady as demand strengthens and manufacturing activities gained momentum.
- Sellers are confident that global ferrous scrap prices have very limited room for downward movement from the current levels and could rebound as soon as Turkish mills return to restock scrap.
- The daily Davis Index for containerized shredded, Friday, rebounded by $5/mt cfr Nhava Sheva. Deals for containerized shredded by alloy makers concluded this week. Offers to India rose towards the end of the week amid an increase in restocking demand from Pakistani buyers.
- The daily Davis Index for UAE-origin HMS 1&2 (80:20) inched up $2/mt cfr Nhava Sheva. The index was unchanged from last week. UAE-origin #1 HMS continues to trade at $480-485/mt cfr Nhava Sheva.
- The indexes for containerized P&S and #1 busheling cfr Nhava Sheva were unchanged from Aug 6. Inquiries for prime grades remain halted as mills found it unattractive.
- Narrowing of the gap between the landed price of imports and domestic scrap increased inquiries for imported HMS, yet bids fell short by $10-15/mt.
- Trading in Alang’s shipbreaking market remained shut due to the extension of transporters’ strike. In Mumbai, the asking prices for rebar were flat both on a daily and weekly basis. In Mandi Gobindgarh, ingots prices were flat amid a gradual recovery in rebar demand.
- Indian primary mills are eyeing bids of above $625-630/mt fob for billet exports to maintain margins. ($1=Rs74.43)
Domestic ferrous scrap prices this week declined in Mumbai while they rose in Mandi Gobindgarh. Demand from finished steelmakers has picked up in the North and the daily Davis Index for HMS 1&2 (80:20), Friday, rose by Rs300/mt ($4.03/mt) del Mandi Gobindgarh compared to the previous Friday. The daily Davis index for HMS 1&2 (80:20) declined by Rs500/mt del Mumbai mills in the same period.
- Active imported ferrous scrap bookings from Pakistan have resumed with trades of over 10,000-15,000mt heard. Prices rebound following improved demand for shredded scrap, while HMS showed ‘low to no’ recovery.
- The daily Davis Index for containerized shredded, Friday, rebounded by $6/mt from Thursday. The index rose by $5.5/mt from last Friday as demand outpaced supply.
- Demand for the UAE-origin HMS was stable in India and Pakistan this week. The daily Davis Index for UAE-origin HMS 1&2 (80:20) cfr port Qasim rose $2/mt. From Aug 6, the index inched down $1/mt.
- The index for US-origin HMS 1&2 (80:20), Friday, cfr Port Qasim was stable from the prior Friday. Containerized freights rates continued to stay elevated while demand for long transit materials stayed low.
- From prior Friday, the Davis Index for P&S 5ft recovered by $3/mt while the index for #1 busheling was unchanged cfr Port Qasim. Supply for prime grades remains tight and trades are yet to resume as very few buyers expressed buying interest at high offers.
- Easing supply pushed down finished steel prices in the domestic market. Rebar sales continued to be steady over the week, but billet slowed amidst Muharram celebrations.
- The weekly Davis Indexes for rebar G-60 ex-works Karachi, down PKR250/mt and ex-works Punjab, unchanged, respectively, from Aug 6.
- The Pakistani currency depreciated to PKR164.42 down $1 against the US dollar pushing domestic steel prices up.
- •The weekly index for domestic Bala billet dropped by PKR2,000/mt ($12/mt) ex-works. The weekly Davis Index for G-60 billet ex-works Punjab fell PKR1,500/mt on Friday.
- The weekly index for Art Q toke scrap (equivalent to a mix of HMS and P&S) was unchanged ex-yard Lahore and Pure Q toke scrap (equivalent to shredded) rose by PKR500/mt to PKR109,000/mt ex-yard Lahore following tight supply. ($1=PKR164.25)
- Mills in Bangladesh ramped up steel production this week following the easing of nationwide lockdown. Retail distributors were also able to resume business.
- Finished steel sales remained slow but could pick up as monsoon retreats. Prices increased by BDT1,000-2,000/mt which boosted inquiries for imported raw materials.
- The daily Davis Index for containerized shredded, Friday, rose $2.25/mt cfr Chattogram. As bids from India and Pakistan rise, mills in Bangladesh must resume trades at higher prices, said traders.
- The daily index for US-origin containerized HMS 1&2 (80:20) cfr Chattogram, fell $3/mt on Friday, while the index dropped $2.5/mt from the prior week. The increasing availability of HMS in most supplier countries has weighed prices down, widening the gap between HMS and prime grades.
- The indexes for UK-origin and Australia-origin HMS 1&2 (80:20) fell $2/mt each from Aug 6.
- The Davis Index for P&S 5ft recovered by $2/mt from last Friday, while the index for #1 busheling was down by $7/mt as Singapore-origin busheling sold in small quantities.
- The daily Davis Index for HMS 1&2 (80:20) from Latin America was unchanged but it dropped by $4/mt, as compared to last Friday. Brazilian traders struggled with a shortage of empty containers for exports.
- The weekly index for ship scrap equivalent to P&S ex-yards, up BDT750/mt. A rise in ship vessels prices, which hit above $620-630/ldt, made recyclers raise domestic rolling and melting scrap offers.
- The weekly index for domestic HMS 1&2 (80:20) ex-yards Chattogram, up by BDT250/mt on Friday.
- The weekly index for rebar from large-scale mills rose by BDT1,500/mt to BDT73,000/mt ex-works. The weekly Davis Indexes for rebar by the medium-scale and small-scale mills ex-works were up by BDT1,250/mt.
- The weekly index for billet ex-works, up BDT750/mt.
- Mills expect a hike in domestic rebar and billet prices amid high input costs, while supply crunch for domestic scrap continued as demolition rates declined. ($1=BDT84.89)
The weekly Davis Index for basic pig iron (BPI) decreased by $8/mt in the New Orleans port Friday on sluggish demand while the CIS BPI index dropped by $18/mt in the Black Sea amid abundant supply.
- The US imported pig iron market was quiet during the week due to inactive buyers, who expect lower prices after supply of the material from the CIS outpaced demand.
- The Davis Index for nodular pig iron (NPI) imports remained unchanged on limited supply and US hot briquetted iron (HBI) imports also trended flat.
- CIS exporters decreased prices to attract buyers but sold only a few small cargoes to alternative destinations. A new booking was reported in Italy, where around 5,000mt of Ukrainian material changed hands at $580/mt cfr. As a result, the weekly Davis Index for CIS BPI in Italy dropped by $16/mt. A Russian exporter sold 2,000mt of low-manganese pig iron to Western Europe at $660/mt fob Baltic Sea.
- One more transaction was fixed in Asia, where an exporter sold 3,000mt of low-manganese pig iron from the Far East of Russia at $730/mt cfr to Japan.
This week many mills in India preferred sponge iron over scrap. The index for sponge iron prices settled flat at Rs31,600/mt ($425.48/mt) del Mumbai mills and Rs35,200/mt del Mandi Gobindgarh respectively. Prices in the late week spiked up by Rs500/mt as mills stocked up sponge iron. ($1=Rs74.26)
India finished and semi-finished steel
- In Raipur, the daily index for billet moved up slightly by Rs100/mt ($1/mt) ex-works from the previous Friday due to high sponge iron and pig iron prices. Few steel mills reported an improvement in rebar demand in Central India.
- The daily Davis Index for billet in Mumbai fell Rs250/mt ($3/mt) ex-works compared to the previous Friday owing to limited buying activities.
- In Mandi Gobindgarh, the daily index was down by Rs100/mt from the previous Friday.
- In Jalna, the bi-weekly index for billet fell Rs600/mt ($8/mt) ex-works on Thursday compared to the previous week as buyers were unwilling to accept high prices.
- While the bi-weekly index for billet in Kutch fell Rs300/mt ($4/mt) ex-works on Thursday compared to the previous week. ($1=Rs74.27)
Shipbreaking scrap prices in Alang remained unchanged this week as the transporters’ strike continued. Ship recyclers’ have decided to stop taking loading charges from transporters. The charge is around Rs100-200/mt ($1.34-2.69/mt) and all the expenses would be borne by the buyer. ($1=Rs74.16)