South Asia’s imported ferrous scrap markets remained under pressure today, reflecting sluggish demand across India, Pakistan, and Bangladesh amid weak domestic steel sales and cautious buyer sentiment. Prices dropped d-o-d across South Asia. In India, a mismatch between buyer and seller expectations, coupled with a slowdown in steel activity ahead of key festivals, kept the […]
UAE’s domestic ferrous scrap index witnessed a sharp decline of $8/tonne (AED 30/t) w-o-w, primarily due to weaker domestic purchase activities. Market sources said that trading activity was slow this week, with only selective deals by major mills. A UAE-based supplier said, “Current prices stand at AED 1,250/t ($340/t) for processed HMS and AED 1,350/t($368/t) for shredded. The recent […]
Morning Brief: Global iron ore imports recorded a nominal growth of around 5% to 1,201 million tonne (mnt) in the January-September, 2024 (9MCY’24) compared to 1,149 mnt seen in the same period in 2023. Australia was the largest exporter with 646 mnt, up 2% y-o-y followed by Brazil with 291 mnt, a rise of 6%. South […]
Mysteel: Japan has responded angrily to the decision of Turkiye’s Ministry of Trade earlier this month to impose anti-dumping (AD) duties on imports of hot-rolled coil (HRC) originating from several countries, including Japan, describing the decision as inappropriate and very regrettable. Turkiye’s trade ministry announced on 11 October that HRC imports from China, India, Russia, and […]
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 […]