The global billet market remained quiet this week amid weak buying interest and lack of tenders. Market participants were cautious due to higher prices of semi-finished steel and weak sentiments in the long steel sector. Turkish imported bulk scrap prices remained largely stable w-o-w after a sharp decline last week. This was due to a […]
Hot-rolled coil (HRC) prices fell by up to INR 500/tonne (t) ($6/t) this week to INR 48,300-50,000/t ($575-595/t), amid subdued market activity, characterised by limited demand and need-based buying. Conversely, cold-rolled coil (CRC) prices exhibited stability, maintaining a range of INR 55,700 to 59,100/t ($663-703/t) across various regions. BigMint’s benchmark assessment (bi-weekly) for HRCs (IS2062, […]
Horizon Insights: Chinese officials, at a meeting on October 17th, announced measures for optimising inventory and controlling supply in China’s struggling real estate market. Key points included granting local governments more autonomy to adjust or lift restrictions, such as removing purchase, sales, and price limits. Additionally, the meeting proposed reducing housing provident fund loan rates by […]
Indian DRI, billet, and rebar update a downward trend across commodities today. Mills’ offers dropped by up to INR 1,000/tonne (t) compared to the previous trading session. Sponge iron prices decreased in the range of INR 100-800/t, with the sharpest fall seen in the Durgapur market. Billet offers fell by INR 400-1,000/t. The steepest drop […]
Pellet prices in central and eastern India surged following the recent OMC auction, where m-o-m premiums exceeded INR 1,000/tonne ($12/t) — significantly increasing manufacturing costs of the same. In response, major pellet plants in Odisha raised their offers by INR 500-700/t ($6-9/t), while Raipur witnessed a similar increase of INR 500/t ($6/t). India: PELLEX rises […]
SteelDaily: This week, the combined ferrous scrap inventory of eight major South Korean steel mills witnessed a slight upswing as prices fell and steelmakers reduced their production. Stocks increased by 2.5% to 773,000 tonnes (t) this week as compared to 754,000 t in the previous one. Notably, although the southern and central regions experienced an […]
Brazilian mining giant Vale has set an ambitious target to surpass 360 million tonnes (mnt) of iron ore production by 2030, said Eduardo Mello Franco, Marketing Manager, Vale, at the Asia Iron Ore Summit organised by Mysteel Global. As part of this strategy, the company is committed to driving sustainable mining practices, focusing on safety […]
Mysteel: China’s economy require strong policy support in terms of short- and medium-term macro-economic adjustments, said Pang Gongsheng, Governor of the People’s Bank of China (PBOC), at a financial industry forum last Friday. “The PBOC had earlier conducted in-depth research and prepared policy responses in advance, and the central government decisively introduced a package of stimulus […]
Mysteel Global: China Resource Recycling Group (CRRG), a new state-owned enterprise tasked with building a national platform for resource recycling and reuse, was officially established on October 18 in North China’s Tianjin, according to state media Xinhua News Agency. China launches new SOE to lead national recycling efforts. The new company, with a registered capital of […]
Imported bulk scrap prices from Japan fell slightly by around $2/tonne (t) in the Vietnamese market, while US scrap offers have also inched down by $2-3/t. As per market sources, H2 scrap offers to Vietnam were reported at $340-345/t CFR, down $5/t w-o-w, with indicative bids around $330-335/t CFR. While demand remains moderate, further price […]