The global ferrous scrap market was muted this week. Prices ranged from $363/t CFR (Turkiye) to $395/t CFR (China) in the week under review, edging down by 1-2% w-o-w in key locations. In Turkiye, imported scrap prices fell amid softer domestic rebar sales. Meanwhile, India’s market remained quiet due to the Diwali holidays, resulting in […]
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India: Odisha iron ore fines index remains stable despite muted trades during Diwali
Odisha’s iron ore market remained stable this week as market participants took a break from trading activities due to the Diwali festivities. Iron ore prices stayed at last week’s levels, with minimal fluctuations observed as miners, traders, and buyers largely remained away from the market. Trades were mostly on hold, as buyers showed no interest […]
India: How is SAIL planning to cut CO2 emissions amid massive surge in steel production? BigMint explores
Morning Brief: As part of its pledge to achieve net-zero carbon emissions by 2070, India is committed to a set of Nationally Determined Contributions (NDCs). SAIL planning to cut CO2, Some of India’s most ambitious commitments in the short- to mid-term include 1 billion tonnes (bnt) of cumulative emissions reduction and achieving 50% of renewables capacity […]
India: MOIL lowers manganese ore prices up to 7% m-o-m for Nov’24
India’s leading manganese ore producer, MOIL, has announced new prices effective 1 November 2024. Grades above 44% will experience a 7% price reduction, while grades below 44%, including SMGR and fines, will be lowered by 1% m-o-m. Factors impacting MOIL’s price revision Imported ore prices drop m-o-m: Monthly average prices of South African manganese ore (Mn37%) […]
Chinese steel exports hit 8-yr high in Sep’24;may end 2024 with over 20% growth
China’s steel exports hit a milestone in September 2024, rising to an eight-year high in a single month. Volumes, rose y-o-y a significant 26% to 10.15 million tonnes (mnt) against 8 mnt in September 2023 and m-o-m, by 7% against 9.50 mnt in August 2024. Over January-September 2024 (9MCY’24) exports recorded a growth of 20% […]
Europe: EC starts registering HRC imports from 4 countries for AD probe
Mysteel: The European Commission (EC) has begun registering the import volumes of certain hot-rolled flat steel products from Egypt, India, Japan and Vietnam, which are under its ongoing anti-dumping (AD) investigations, Mysteel Global learnt from the EU’s Official Journal published on 25 October. This import registration, which will last nine months, allows for retroactive collection of […]
India: PELLEX falls INR 500/t ($6/t) as producers slash offers
PELLEX falls prices in Raipur fell this week, as local suppliers and those in Odisha reduced their offers. However, the decline in prices failed to elicit any active response from buyers. Purchasing activity has largely stalled due to the ongoing festive season and weak market sentiment in the sponge iron and semi-finished steel segments. BigMint’s […]
India: BigMint’s India HRC export offers resume amid recent deals to ME
BigMint’s India hot-rolled coil HRC export index (for the Middle East and Vietnam) resumed after six months amid recent deals. Current prices are at $535/t FOB east coast India. An Indian steel major booked 20,000-25,000 tonnes (t) of HRCs for the Middle East (ME). However, European demand remained subdued due to sluggish market sentiments and […]
India: Imported manganese ore prices remain stable as major miners adjust output
Imported manganese ore prices to India remained relatively stable this week, with major manganese ore producers adjusting their output to tackle weak market sentiments. Price trends Market overview Smelters maintain cautious approach: Indian smelters exercised caution regarding manganese ore procurement, opting to rely on existing inventories to meet their immediate operational requirements. This measured approach, combined […]
UAE: Domestic ferrous scrap index drops by $8/t amid weak demand
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 […]