- The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) held unchanged on Friday as negotiations stalled.
- The week ended without any movement as buyers and sellers stuck to their idea of the right price. Bids for HMS 1&2 (80:20) from the USA and the Baltic region were heard in the $495-500/mt cfr range while offers were at $505-510/mt cfr. Demand is sluggish in Turkey with some interest only for cargoes with a significant content of shredded scrap.
- The Azov-Black Sea basin market was also quiet as negotiations dithered. Turkish mills were looking for HMS 1&2 (80:20) from Romania and Bulgaria at $460-465/mt cfr, while suppliers targeted $480-485/mt cfr.
- Spot rebar prices in the Turkish domestic market increased by TRY80-100/mt on Friday due to currency fluctuations. Icdas raised its local rebar prices by TRY50/mt to TRY7,180/mt ex-works Biga and TRY7,260/mt ex-works Istanbul. All domestic prices include 18pc VAT.
- In the export market, Turkish mills dropped rebar offers to $750/mt fob from $750-770/mt fob due to weak demand. ($1=TRY8.66)
- The weekly Davis Index for DKP scrap (equivalent to auto bundles) in Turkey decreased by TRY56/mt on Monday as prices for imported scrap and Turkish steel products declined.
- Purchase prices for shipbreaking scrap in the Izmir region remained flat, despite the prevailing negative sentiment in the market. ($1=TRY8.49)
- The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap dropped by $18/mt in the Baltic Sea and by $13/mt in the Black Sea on Monday amid a bearish export market.
- Turkish imported ferrous scrap demand declined at the end of May, with bids for HMS 1&2 (80:20) from St Petersburg falling to $495-500/mt cfr. Most Russian suppliers pulled back from negotiations, having sold just before the market turned. The highest deal price was fixed at $510/mt cfr for HMS 1&2 (80:20), almost two weeks ago.
- One sale was heard from Rostov-on-Don to Turkey at $487/mt cfr for A3 material last week, down by $8/mt from the prior transaction, while most exporters from this part of Russia switched to domestic sales amid better prices.
- Collection prices for ferrous scrap in Russia are yet to follow the export market downtrend. Thus, the weekly Davis Index for A3 scrap increased by RUB475/mt in St Petersburg dock and remained flat in Rostov-on-Don dock. ($1 = RUB73.33)
- The weekly Davis Index for HMS 1&2 (75:25) in the ARAG region decreased by €4/mt on Tuesday amid subdued export sales.
- Most exporters from the Netherlands (Amsterdam, Rotterdam) and Belgium (Antwerp, Ghent) reduced collection prices for ferrous scrap due to stagnant demand in Turkey. Bids for European HMS 1&2 (80:20) dropped to $490/mt cfr after a Turkish mill booked the same grade from the USA at $502-503/mt cfr last week.
- Suppliers from the ARAG region could not find enough reasons to accept prices below $500/mt cfr Turkey for HMS 1&2 (80:20) and refused to sell last week. Moreover, they believe that demand in Turkey will improve later this week as mills require cargoes for July shipment. (€1=$1.22)
- Davis Index’s weekly north and south UK HMS 1&2 (80:20) ferrous scrap indices declined by £1-2/mt ($1-3/mt) delivered dockside, on Tuesday.
- UK ferrous scrap dockside purchase prices consolidated around a tighter range over the past week, with increased visibility on the direction in the export market.
- A large UK-based bulk processor was heard to have reined in their HMS 1&2 (80:20) purchase prices, bringing them closer to the rest of the market this week. A point that was echoed by another large ferrous scrap exporter, who commented that their yards were not complaining about reduced inflows.
- At the lower end of the range, another multi-yard ferrous scrap exporter raised their dockside heavy melt purchase prices by £5-7/mt; tightening the overall national range.
- The weekly indices for north and south UK OA (Plate & Structural) edged down by £1/mt delivered dockside while the weekly north and south UK 5A/5C (frag feed) ferrous scrap indices climbed by £5/mt delivered on the same basis. (£1=$1.42)
- Davis Index’s northern Spain HMS 1&2 (80:20) and shredded small bulk weekly ferrous scrap indices dropped by €15/mt ($18/mt) cfr on Friday.
- Indicative levels for small bulk ferrous scrap coasters declined sharply over the past week after Spanish buyers significantly lowered their bids in response to developments in the deepsea markets.
- Prices on major seaborne trade routes reflected a temporary knee-jerk reaction to volatility in iron ore and hot metal production costs.
- European and UK-based suppliers were reluctant to budge on offers given the relatively meager margin over dockside collection and processing costs. As a result, Spanish mills have been able to procure more competitively priced ferrous scrap volumes from domestic suppliers. More recently, however, a modicum of stability has returned to these complementary bulk ferrous markets, which has served to shore up sentiment.
- A UK-based ferrous scrap trader commented that he expected shortsea markets to rebound by £20/mt soon given bullish results of recent auctions.
- Davis Index’s UK small bulk ferrous scrap HMS 1&2 (80:20) and shredded indices fell by €17-19/mt fob, respectively, during the week. (€1=$1.21)
- US East Coast and Houston dock collection prices for ferrous scrap were rangebound, inching up in tandem with export activity and domestic price strength.
- The small price increases are in line with the latest export movements as well as expected domestic price strength upon June trading that will commence this week. Dockside sales for #1 HMS on the East Coast were heard in the range of $365-400/gt on Tuesday based on dock location and base price from prior sales.
- The Davis Index for US HMS 1&2 (80:20) exports to Turkey dipped by $10.69/mt since last week on a pause in activity before trading resumes shortly to secure July shipments. The index for the grade stands at $502.50/mt cfr compared to $513.19/mt cfr on May 25. Longer-term, monthly activity shows a growth of $44.40/mt compared to $458.10/mt cfr for the export grade on May 4.
- In Boston, the weekly Davis Index for export yard #1 HMS inched up by $2/gt and $1/gt for P&S 5ft delivered Boston dock. Shredder feed moved up by $3/gt delivered Boston export yard.
- The weekly Davis Index for export yard buying prices in New York ticked up by $4/gt for #1 HMS, P&S 5ft rose by $3/gt and shredder feed increased by the same amount delivered New York dock.
- In Philadelphia, the Davis Index for export yard collection prices moved up by $6/gt for #1 HMS delivered and P&S 5ft rose by $5/gt delivered Philadelphia dock. The index for shredder feed increased by $2/gt delivered.
- Houston’s weekly Davis Indexes inched up by $1/gt for #1 HMS delivered and by $2/gt for P&S 5ft delivered Houston dock. Shredder feed ticked up by $3/gt delivered. Houston area is expecting some price growth but may be limited domestically and dockside, on high inventories in the near term.
- US West Coast dock prices were mostly flat except for the Los Angeles region where scrap buying prices increased last week. The dock region has trended lower than Portland and San Francisco and needed upward adjustment.
- Dock price movements are expected to trend down in mid-to late-June in the export market. Asian domestic ferrous scrap prices have adjusted downward slightly in some regions including South Korea, Taiwan, and Vietnam.
- Volatile steel prices in China, which recently encountered slight declines have diminished the bullish trend in finished steel prices and ferrous scrap. Still, most participants anticipate scrap prices to remain strong through summer, an unusual seasonal shift compared to prior years. Japanese domestic scrap prices are trending sideways though export offers have softened marginally on weaker demand and higher scrap flows through the summer.
- The Turkish Davis Index for US-origin HMS 1&2 (80:20) fell by $10.69/mt to $502.50/mt cfr Turkey today compared to $513.19/mt on May 25. The index rose by $82.15/mt over the past four weeks with some points having reached higher but facing the latest correction over the past week.
- The weekly Davis Indexes in Portland for export yard scrap trended unchanged for a second consecutive week for #1 HMS, P&S 5ft and shredder feed.
- Market participants report that docks will adjust prices based on the domestic trading cues later this week. Some expect a rise of $15/gt while others anticipate increases of $20-25/gt against May settled prices on #1 HMS, P&S 5ft, and shredded. With the slight downtick in export prices, mills may not make the full increase of $25/gt initially anticipated in mid-month.
- In San Francisco, the Davis Indexes were also unchanged with #1 HMS, P&S 5ft and shredder feed flat.
- Los Angeles docks, which have trended below the other regions, saw a $20/gt increase in the middle of last week. #1 HMS rose by $19/gt delivered and P&S 5ft climbed by $18/gt delivered. Shredder feed grew by $20/gt delivered. Late in the day today, some market participants report slightly higher prices on large scrap buys over index levels as the dock increases inventories for the fulfillment of commitments for export buyers.
- US containerized ferrous scrap prices continued to decline on Thursday with the spread between HMS 1&2 (80:20) and the better grades falling from $30-40/mt previously to about $25-30/mt.
- Buyers were scarce and sought to close limited deals due to market uncertainty. As the week closes though, most market participants believe that the export market has bottomed and will trend up in June.
- On the East Coast, most indexes softened but some grades began to see an upswing late in the week. Moreover, buying activity from India supported market prices this week. Some buyers reported achieving deals at prices that were reduced by $10/mt while others reported firm offers from sellers.
- The New York weekly Davis Indexes mostly softened with shredded and P&S 5ft holding strongly to price levels. P&S 5ft dropped by $1/mt while shredded trended flat. The index for #1 busheling fell by $3/mt, HMS 1&2 (80:20) dropped by $5/mt, and machine turnings, the more volatile grade, declined by $16/mt.
- Market participants noted that the container market was in a holding pattern for the week with the potential to increase by next week on the return of buyers and a strong US domestic market.
- Iron ore prices have firmed up and support ferrous scrap movement expectations, but the fall in Southeast billet demand, some softness and volatility in Chinese finished steel prices, and lower bids from a South Korean mill for Japanese scrap have some market participants wondering whether the increases could take several more weeks until Asian markets find more certainty.
- The weekly Los Angeles containerized scrap indexes fell this week by $15-19/mt after dropping by $4-8/mt last week. The index for #1 busheling fell by $17/mt while HMS 1&2 (80:20) decreased by $15/mt. P&S 5ft and shredded both declined by $19/mt.
- In San Francisco, the weekly indexes fell by $14-18/mt after decreasing by $3-8/mt in the prior week. HMS 1&2 (80:20) declined by $18/mt while #1 busheling fell by $14/mt. P&S 5ft decreased by $17/mt and shredded dropped by $16/mt.
- Seattle’s weekly indexes reduced in tandem with #1 busheling falling by $15/mt fas and shredded declining by $17/mt. HMS 1&2 (80:20) and P&S 5ft both fell by $18/mt.
- Mexico’s domestic ferrous scrap prices increased across the three regions this week on strong demand and tight supply as some vendors sought to make volumes available to the export market.
- Like the US, Mexican mills are also running on long lead times and firm prices on orders. Customers include those servicing domestic fabricators and firms producing components and finished steel products bound for the US market.
- Last week, market participants reported an expectation of $30/gt increases in June in the Texas region against May settled prices. From initial reports, some dealers only gained $20-25/gt at some mills while others, especially those close to Houston, given the export factor, are trading at higher prices. The US national average increase is $50/gt on secondary grades such as #1 HMS, P&S 5ft, and shredded while prime grades such as #1 busheling increased by $50-60/gt, against the May settled prices.
- The US-origin HMS 1&2 (80:20) index was rangebound on an increase of $0.19/mt to $502.50/mt cfr Turkey on Friday against May 28. The increase remains at over $50/mt against May 3.
- Ferrous buyers in Mexico note an interest in engaging more relationships in the US market for scrap sourcing as the demand outlook will continue in H2 2021 alongside tight domestic scrap inventories.
- The weekly Davis Index in North Mexico for #1 busheling rose by MXN213 delivered while P&S 5ft climbed by MXN188/mt and #1 HMS increased by MXN207/mt. Shredded ticked up by MXN54/mt and Machine shop turnings jumped up by MXN365/mt delivered.
- In Bajío, #1 busheling and machine shop turnings trended flat while #1 HMS rose by MXN304/mt delivered and shredded climbed by MXN112/mt. P&S 5ft encountered a limited increase of MXN33/mt delivered.
- Central Mexico’s indexes increased this week with #1HMS rising by MXN300/mt delivered, P&S5ft climbing by MXN225/mt, shredded by MXN200/mt and #1busheling by MXN187/mt delivered. Machine turnings held unchanged from the previous week. ($1=MXN19.96)
- EAF steelmaker Tokyo Steel has kept its finished steel prices unchanged since May 18. While bids for #2 HMS remained unchanged at all four plants.
- Scrap supply continues to be tight in Japan, but demand has softened, weighing down prices.
- The weekly index for #2 HMS, Wednesday, dropped by JPY1,000/mt fob Japan and dropped by JPY500/mt on a fas basis.
- The weekly index for P&S 5ft (small bulk) China port went up by $10/mt.
- The weekly index for #1 busheling jumped by JPY1,000/mt fob Japan. On a fas basis, the index rose JPY2,000/mt fas Japan.
- The weekly Davis Indexes for shredded and HS, Wednesday, dropped by JPY2,500/mt and increased by JPY1,500 fas Japan, respectively. The index for Japanese HMS 1&2 (50:50) was down by $30/mt cfr Vietnam.
- The index for Japanese HMS 1&2 (50:50), Wednesday, dropped by $40/mt cfr Taiwan. (JPY109.48)
- The weekly Davis Index for domestic Heavy A, Tuesday, dropped by KRW10,000/mt ($9.02/mt) delivered Incheon. The index for the grade rose KRW10,000/mt delivered Pohang plant.
- The weekly Davis Index for domestic Light A went down by KRW10,000/mt delivered Pohang plant.
- South Korean steelmakers hiked automotive steel prices for the first time in four years to offset the increase in commodity prices, according to local media. Posco has also revised its terms with Korea’s three major shipbuilders to increase the price of steel plates.
- The weekly Davis Index for containerized HMS 1&2 (80:20), Wednesday, went down by $5/mt cfr South Korea. Mills were unwilling to accept prices above $445-455/mt cfr South Korea as domestic demand has taken a hit.
- The weekly Davis index for P&S 5ft, #1 HMS, and shredded declined by $5/mt cfr South Korea on Wednesday.
- South Korean mills returned to the Japanese bulk market. Strong steel demand from construction and shipbuilding sectors made the country’s mills active in the seaborne market.
- Offers for #2 HMS dipped by JPY500/mt fas from the prior week. South Korean steelmaker Hyundai steel, Thursday, presented revised bids for Japanese small bulk cargoes. It reduced bids for Japanese scrap prices by JPY3,000/mt ($27.3) for all grades in response to a drop in steel prices and limited scrap demand in Japan. ($1=KRW1,112.07)
- The weekly Davis Indexes for domestic HMS 1&2 (80:20) dipped by TWD600/mt delivered Northern and Southern mill.
- Taiwanese mills believe billet prices could rise in China’s domestic market. Offers for Southeast and East Asian billet increased by $61 cfr China.
- The weekly Davis Index for containerized US-origin HMS 1&2 (80:20), Wednesday, went down by $5/mt cfr Taiwan.
- The appetite for ferrous scrap imports could slow down for a while led by the Chinese government’s price intervention policy. However, this week, domestic steel prices rebound in China.
- The weekly Davis Index for containerized #1 HMS dropped by $13/mt cfr Taiwan port whereas the index for shredded was down by $12/mt cfr Taiwan port.
- The indexes for P&S 5ft and #1 bushelling went down by $12/mt cfr Taiwan port.
- China steel corporation (CSC), the largest carbon steel manufacturer in Taiwan, accounted to raise its AP plate base price by TWD2,000/mt for July, in line with the market expectations.($1=TWD27.66)
- The weekly Davis Index for the HMS (80:20), Tuesday, remained unchanged. Shagang Steel lowered scrap purchase prices nine times since May 16. In the latest revision, buying prices fell by CNY55/mt on June 1 at all works. The mill lowered rebar (HRB400,16-25 mm) prices by CNY350/mt ($55/mt) ex-works for deliveries in the first half of June, according to the pricing policy released on June 1.
- Despite high production costs, the company lowered prices for long steel to match the plunge in the spot market. Also, steelmakers in China are under pressure due to government efforts to tame steel prices. The Chinese government is formulating ways to control prices of raw materials such as iron ore and steel in the domestic market.
- Southeast Asian billets demand was subdued due to fluctuating Chinese prices. Late week, sentiment turned positive as Chinese iron ore and steel prices showed an uptick. The demand outlook has also turned optimistic, which could result in strong demand in the coming days.
- On Thursday, China’s general administration of customs said that imported commodity inspection on a list of 10-digit harmonized system (HS) codes consisting of mechanical and electrical products, metal materials, chemicals, and artificial ornaments would be suspended from June 10. Additionally, they will conduct export commodity inspections on billet and pig iron.
- The customs authority said it would commence inspection on implemented imported commodities on 8 HS codes including imported recycled raw materials.
- On Friday spot iron ore prices for 62pc Ferrous content remained around $211/mt cfr North China. In the spot market, rebar in Shanghai rose by CNY500/mt from a week before CNY5,250/mt ex-works. Domestic billet prices rose CNY30/mt from a day before CNY5,000/mt ex Tangshan, indicating a strengthened sentiment in the Asian billet export markets. ($1=CNY6.39)
- The weekly Davis Index for HMS 1&2 (80:20) in Vietnam fell VND250,000/mt delivered Southern mill.
- In the container market, offers for FEUs of HMS 1&2 (80:20) showed a marginal drop as Vietnamese EAF makers decided to stay away from ferrous scrap purchases on weak demand.
- The weekly Davis index for containerized #1 HMS, Shredded, P&S 5ft, and #1 bushelling, Thursday, dropped by $12/mt cfr Vietnam. Offers for US-origin HMS 1&2 (80:20) declined by $12/mt from last Thursday.($1=VND23,037.5)
- The weekly index for P&S 5ft and shredded rose by $2/mt cfr Indonesia port. Steelmakers are likely to stay away from imports and focus on the lower-priced domestic scrap to maintain margins in the coming days.
- The weekly Davis index for domestic HMS 1&2 (80:20) declined by THB75/mt ($2.4/mt) delivered Rayong mill. Thai mills focused on domestic scrap purchases amid increasing COVID-19 cases. ($1=THB31.1)
- The weekly Davis Index for HMS 1&2 (80:20) fell MYR30/mt and MYR25/mt delivered eastern mill and delivered western mill, respectively. Malaysia went into lockdown again on Tuesday till June 14 which has led automakers Toyota and Honda to shut plants in the country.($1=MYR4.12)
- Imported ferrous scrap buyers in India showed a willingness to raise bids as demand showed signs of recovery. Relaxation in lockdown restrictions in many major states boosted finished steel demand. Long steel prices were unchanged while flat steel jumped by Rs3,000-3,500/mt for June shipments.
- Trades resumed for HMS #1 of Dubai and other UAE-origin material at prices above $475-480/mt cfr Nhava Sheva. The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, inched up cfr Nhava Sheva.
- The daily Davis Index for containerized shredded settled unchanged on Friday. From the prior Friday, the index rose by $2.25/mt.
- The indexes for P&S and #1 busheling were also flat. The index for US-origin HMS 1&2 (80:20), Friday, rose $9.75/mt from a week prior as June monthly domestic trades kicked off with a $50-60/gt rise against May month in the US. Easing oxygen supply for industrial use is likely to boost cutting operations at shipbreaking yards. While recovery in rebar and ingot demand boosted scrap demand as well. ($1=Rs73.1)
- Domestic ferrous scrap prices in India rose this week, especially in the North. Large-scale mills continued to tap the export markets as demand from the domestic end-users remained low. But traders are bullish as governments in major states, including Maharashtra, have started easing lockdown restrictions.
- Tata Steel lifted HRC prices by Rs4,500/mt to narrow the gap between international and domestic steel prices.
- The index for HMS 1&2 (80:20) rose by Rs2,100/mt del Mandi Gobindgarh. In Mumbai, the index for the grade settled flat on Friday from last week.
- Pakistani ferrous scrap importers raise bids for containerized scrap as demand showed signs of improvement amid limited inventories with mills.
- Finished steel consumption is expected to pick up before monsoon reach its peak and slows construction activities.
- The daily Davis Index for containerized shredded, Friday, settled unchanged cfr Port Qasim from Thursday and up by $6.25/mt from the prior Friday.
- The daily Davis Index for UAE-origin HMS 1&2 (80:20), Friday, settled unchanged but slipped $4/mt cfr Port Qasim from last Friday. Offers for UAE-origin mixed #1 HMS and P&S reported jump by $5-10/mt driven by Indian buying appetite at higher prices.
- The daily index for US-origin HMS 1&2 (80:20), Friday, cfr Port Qasim, down $2.5/mt. The index increased by $3.75/mt from the prior Friday. US yards were offering limited quantities in Asia as domestic demand remained strong while June domestic monthly settlements for ferrous scrap increased by $50-60/gt from May prices.
- In the domestic market, steel trades remained slow as higher offers discouraged buying sentiments. The index for domestic Bala billet dropped by PKR1,500/mt ex-works. The weekly Davis Indexes for rebar were down PKR500/mt ex-works Karachi and ex-works Punjab. ($1=PKR155.09)
- Steel mills in Bangladesh were reluctant to book imported ferrous scrap in containers despite the resumption of bookings in other subcontinental markets. Mixed sentiment in major markets- China and Turkey, caused buyers to step back and wait for more clarity.
- In the national budget 2021-22 presented on June 3, there is a proposal for advance tax (AT) reduction on scrap to nil from 4pc at present. A few mills seek clarity on the impact of this move before booking more raw materials.
- The daily Davis Index for containerized shredded, Friday fell marginally by $0.36/mt to settle cfr Chattogram, while the index recovered by $1.75/mt from prior Friday. Bids lagged by around $5-10/mt as steel demand remains subdued in the country.
- Offers for P&S and #1 busheling, on Friday, were firm despite muted buying interest. The weekly indexes for both the grades cfr Chattogram were up by $2/mt.
- The daily Davis Index for HMS 1 &2 (80:20) from Latin America, Friday, slipped by $2/mt cfr Chattogram, while the index rose by $5/mt from prior Friday.
- On Friday, the indexes for US-origin containerized HMS 1&2 (80:20) fell by $2.5/mt but rose for the UK and Australia-origin material $2/mt and $1/mt from May 28.
- In the domestic market, the weekly index for ship scrap equivalent to P&S settled unchanged. The weekly index for billet dropped ex-works by BDT1,000/mt.
- The weekly index for rebar from large-scale mills down BDT1,000/mt ex-works. The weekly indexes for rebar dropped ex-works medium and small-scale mills by BDT1,750/mt and BDT1,250/mt, respectively. ($1=BDT84.72)
- The weekly Davis Index for basic pig iron (BPI) ticked up $3/mt cfr New Orleans port Friday as bullish offer levels returned. However, activity has paused as the market is more focused on the US domestic scrap trading that commenced Thursday.
- The weekly Davis Index for CIS BPI was unchanged at the Black Sea on Friday due to a lack of sales.
- BPI offers heard through the week remain strong at $670-700/mt cfr Nola, with no deals closed at those levels yet. The three US BPI import deals from last week were around 50,000mt each, originating in Russia and Ukraine at $665/mt cfr Nola.
- The Davis Index for nodular pig iron (NPI) imports rose by $30/gt cfr Nola. The material remains in limited supply with offers involving future shipment only. The latest offers for NPI are firm at $750-780/mt cfr Nola with bids just under.
- US hot briquetted iron (HBI) imports ticked up by $2/mt cfr Nola. New offers or bids have not been heard for the grade, but the material’s price movements are based on the most recent offers along with a price comparison with similar grades.
- The weekly Davis Index for CIS pig iron in Italy was flat on Friday. Although some exporters offered the material at $670/mt cfr this week, they faced minimal interest from buyers.
- In Turkey, offers from the CIS were heard at $650-670/mt cfr though bids were no higher than $640/mt cfr with no deals reported by the time of publications.
- The Asian pig iron market was slow this week following weak demand from China. However, a Russian supplier sold 5,000-10,000mt of the material to South Korea at $695/mt cfr. The cargo will be shipped from the Far East of Russia.
- In a week, the index for sponge rose Rs3,100/mt del Mumbai mills, and the index in Mandi Gobindgarh rose by Rs1700/mt del mills amid a rise in iron ore prices. ($1=Rs73)
India semi-finished and finished steel
- The index for billet in Mumbai surged by Rs2,000/mt ($27/mt) ex-works from a week ago following Raipur prices. The index for rebar was up by Rs400/mt ($5/mt) ex-works amid moderate demand. Rebar demand was subdued in the first half of the week but improved subsequently.
- In Raipur, the index for billet was up by Rs2,500/mt ($34/mt) ex-works from the previous Friday amid a rise in sponge iron prices along with good demand. The index for rebar was up by Rs1,800/mt ($25/mt) ex-works due to healthy sales.
- In Mandi Gobindgarh, the settled up by Rs2,200/mt ($30/mt) ex-works in line with the rise in local scrap prices.
- State-owned steelmaker Steel Authority of India (Sail) hiked HRC and CRC prices by Rs5,000/mt ($68/mt), while JSW raised HRC prices by Rs3,150/mt ($43/mt) and CRC by Rs4,900/mt ($67/mt) earlier this week. Other large-scale mills have also increased prices by similar amounts.
- Rashtriya Ispat Nigam Limited (RINL) has rolled over long steel product prices for June deliveries. JSW and JSPL have also followed suit. ($1=Rs73)
- Shipbreaking scrap prices were up amid supply crunch and firm demand from the rolling mills. The index for HMS attachments and Melting rose by Rs1300/mt ($17.80/mt) ex-Alang from a week ago.
- Yards are still facing a shortage of tonnages and oxygen cylinders which has slowed down the gas cutting process. The index for 14Ani rose by Rs2800/mt ex-Alang and the index for 2kg plates rose by Rs2,300/mt ex-Alang.