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                    [ID] => 521173
                    [post_author] => 108
                    [post_date] => 2024-02-20 19:58:09
                    [post_date_gmt] => 2024-02-20 14:28:09
                    [post_content] => BigMint's India HRC (SAE 1006) export index (for the Middle East and Vietnam) remained stable w-o-w at $597/tonne (t) FOB east coast India. Export offers to the Middle East remained unchanged w-o-w, ranging from $630-635/t CFR. However, offers to Europe dropped amid sluggish domestic demand in the EU. In addition, China's Shanghai Futures Exchange experienced a significant decline in prices following the Lunar New Year holidays.

<strong>Market updates:</strong>

<strong>1. Indian HRC export offers to EU decline:</strong> Indian HRC exports to Europe (S275, 3mm) declined by around $5/t w-o-w. Current offers are around $700-705/t CFR Antwerp ($650-655/t FOB east-coast India) against $705-710/t CFR Antwerp last week. Europe's hot-rolled coil market is in a slump, with slow demand and prices hovering around EUR 700/t ex-works ($756/t). Importers are hesitant due to long lead times, readily available domestic supplies, and uncertainty over upcoming safeguard quota. Buyers are holding back, keeping trading sluggish in an already stagnant market. Also, Indian HRC export market has turned slow after exhaustion of quota for Q1.

<strong>2. Indian HRC exports to ME steady:</strong> Indian HRC export offers to the Middle East held steady this week, staying within the range of $630-635/t CFR. Meanwhile, Chinese HRC prices remained range-bound ranging at $600-610/t CFR UAE. However, SHFE HRC futures declined on 20 February, falling from RMB 3,978/t ($553/t) before the Lunar New Year holidays to RMB 3,916/t ($544/t). Vietnamese HRC offers also saw a slight dip, settling at $630-635/t CFR UAE. Furthermore, "prices are currently stable, but the outlook remains uncertain", says an ME based source.

<strong>3. Slow market activities in Vietnam post-holidays:</strong> Market participants in Vietnam have returned after Tet holidays. However, trade activities remained low amid lower domestic demand. Moreover, market participants are waiting for Formosa Ha Tinh (FHS) price revision. No firm offers reported from India recently, last heard offers were around $610-615/t CFR HCMC.

<strong>Outlook:</strong>
Global market sentiments are expected to remain weak as Chinese SHFE HRC prices dropped sharply post-holidays. Moreover, EU import offers are cheaper than domestic alternatives, but long lead times, shipping disruptions and import quotas may limit export trade activities from India.
                    [post_title] => BigMint: India HRC export market quiet, offers to EU fall w-o-w
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                    [post_modified] => 2025-09-10 19:29:59
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            [1] => WP_Post Object
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                    [ID] => 521061
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                    [post_date] => 2024-02-20 19:57:57
                    [post_date_gmt] => 2024-02-20 14:27:57
                    [post_content] => The Indian market for imported aluminum scrap is experiencing an upward price trend driven by an increased demand and shortages both domestically and internationally. Despite fluctuations in LME prices, the current rates have not been corrected, as sellers are reluctant to lower prices while buyers are willing to secure materials at premiums.

Based on BigMint's assessment, extrusion scrap from the Middle East particularly UAE has risen by $5/t to $2,115/t, and zorba 95-5 UK scrap has increased by $50/t, reaching $2,010/t, CIF western coast India, w-o-w.

Notably, Middle East i:e; UAE and the US, trump scrap prices to India and the Far East are almost aligning amid the material availability concerns in the Indian market and somehow the recent bids have been improved to secure the appropriate consignments.

Further, raw materials in the transit phase have been concluded, preventing traders from short-selling in the market for a few specific grades like Zorba and Tense, and some bids were notified for Extrusion 95/5 from the US but the gap of $50-60/t restrained to get healthy transactions as 6063 95/5 tentative bids are $1,880-1,890/t, maximum $1,900/t CIF basis, but sellers expectations were higher by $50-60/t.

According to indentors, demand for aluminum scrap, particularly Zorba scrap, has improved compared to previous weeks, hinting at a positive near-term outlook.

However, medium-scale manufacturers face challenges in fully utilising their capacity due to transit time delays for imported material and material availability issues in the domestic market, an end-user told BigMint.

Sellers in the imported market cited higher freight costs and the Red Sea conflict as reasons for not actively engaging in future bookings. While there is demand, negotiations face challenges with a gap of $50-60/t in bid-offers, reaching $80-90/t in some cases, resulting in limited volume trades.

Talk scrap from the Middle East and the US has increased by up to $120/t. This rise was due to the recent hike in copper's three-month LME cash prices. Currently, copper LME prices are hovering at $8,450/t.

The three-month futures for aluminium are at $2,183/t, down by $50/t w-o-w. Aluminium inventories in LME warehouses closed at 549,600 t.

China-origin silicon 553 prices are at around $2,030/t CIF Mundra, which remained stable post-holidays in China.

<strong>Domestic market</strong>

In the domestic market, tense scrap commands a premium over utensil scrap due to current shortages, with tense scrap prices at INR 172,000/t and utensil scrap at INR 168,000/t exy-Delhi (excluding GST).

<strong>Outlook</strong>

Considering the current market dynamics, it is expected that demand might continue to remain at supportive levels i:e; moderate to positive.

<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" /></a>
                    [post_title] => India: Imported aluminium scrap prices rise amid optimistic sentiments
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                    [post_modified] => 2024-02-20 20:09:08
                    [post_modified_gmt] => 2024-02-20 14:39:08
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            [2] => WP_Post Object
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                    [ID] => 521048
                    [post_author] => 105
                    [post_date] => 2024-02-20 19:41:27
                    [post_date_gmt] => 2024-02-20 14:11:27
                    [post_content] => <ul>
 	<li><strong><em>Bids for pellets remain lower than offers</em></strong></li>
 	<li><strong><em>Fines, DR-CLO lots fetch premiums in NMDC auction</em></strong></li>
 	<li><strong><em>Bids remain lower m-o-m in OMC's iron ore auction</em></strong></li>
</ul>
BigMint's bi-weekly domestic pellet (Fe 63%) index remained stable at INR 9,550/t DAP ($115/t) Raipur on 20 February 2024 compared to the last assessment on 16 February. A deal of 10,000 t was recorded at INR 9,550/t DAP Raipur in this publishing window. Buyers remained cautious about booking fresh material in the expectation of a price reduction by local plants. However, one major plant from Raipur increased offers by INR 200/t to INR 9,600-9,700/t exw recently.

Pellet prices in Raipur remained largely stable this week. Most of the buyers remained sidelined - largely in a wait-and-watch mode. A few buyers were waiting for NMDC's iron ore price revision for March.

A buyer source said, <em>"The recent OMC auction gave hope to buyers that pellet prices may fall in the coming days, as yesterday's bids in the auction were lower than last month's bids. NMDC iron ore prices revision is also pending in this scenario."</em>

OMC conducted an auction for 2.79 mnt of iron ore (Fe 54-65%) on 19 February and the entire quantity of fines (1.546 mnt) and 1.09 mnt (88% of the offered quantity) of lumps were booked. Bids for fines increased by INR 100-1,050/t against the base prices while the majority of the lots were booked at base prices, and bids increased by INR 50-1,700/t over the base price for some lots. However, bid prices fell up to INR 850/t and INR 700/t for the majority of lots of fines and lumps against OMC's Jan auction owing to a drop in pellet and sponge iron offers in central and eastern India.

A trader said, <em>"Sponge pellet prices increased this week by around INR 400-500/t but local sponge iron makers stayed away from bookings. A few buyers are getting INR 200-300/t less in landed prices from Odisha against local offers."</em>

NMDC Bacheli had conducted an auction for 88,200 t iron ore from Chhattisgarh on 17 February. According to sources, 16,800 t of DRCLO (10-40mm, Fe67%) got booked at INR 8,280/t against the bid price of INR 7,220/t. In addition, 67,200 t of fines (Fe64%) was booked at INR 6,510/t against the bid price of INR 5,310/t, but 4,200 t ROM (10-150mm, Fe65.5%) remained unsold. Prices were FOR, ex-mines basis inclusive of taxes.

<strong>Rationale</strong>
<ul>
 	<li>PELLEX has been derived using data points, i.e., trades, offers, and bids. To <em>download the detailed methodology<a href="https://www.steelmint.com/fileForMail/Pellex-Methodology.pdf">Click here.</a></em></li>
 	<li>One deal has been reported so far this week, and has taken into account for price calculation and accorded 50% weightage for T1 trade.</li>
 	<li>Eleven (11) firm offers, bids, and indicative prices were heard. Seven (7) were taken for price calculation and given the balance 50% weightage.</li>
</ul>
<strong>Market highlights</strong>
<ul>
 	<li><strong>Raipur pellet offers stable:</strong> Godawari Power and Ispat Ltd (GPIL) kept pellet (Fe 63% +/-0.5) offers stable at INR 9,800/t ($118/t) exw-Raipur on 16 February. Offers of other major pellet players in the region remained stable at INR 9,400-9,500/t ($113-114/t) exw.</li>
 	<li><strong>P-DRI prices in Raipur rise w-o-w:</strong> BigMint's P-DRI (FeM 80%) prices remained stable d-o-d at INR 26,500/t exw on 20 February. However, the assessment for the sponge in Raipur increased by INR 450/t w-o-w today. India's sponge iron market witnessed a rise in prices today ranging from INR 50-350/t in almost all major locations. This can be attributed to active spot trading coupled with buying interest.</li>
 	<li><strong>Billet prices in Raipur up w-o-w:</strong> Billet prices in Raipur remained largely stable d-o-d at INR 39,400/t exw on 20 February. Prices increased by INR 50/t w-o-w. The index remained range-bound, with a modest increase in spot prices owing to firm market sentiments today. However, only nominal transaction volumes were recorded, as buyers had placed sufficient bookings over the last few days.</li>
</ul>
<img class="alignnone wp-image-521211 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/DT-20-feb-3.png" alt="" width="767" height="390" />

<strong>Outlook</strong>

The pellet market in Raipur is expected to remain under pressure in the coming days. However, the market will attain price clarity after NMDC's iron ore price revision.
                    [post_title] => India: PELLEX remains stable w-o-w amid bid-offer disparity
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                    [post_modified] => 2024-02-20 19:45:14
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            [3] => WP_Post Object
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                    [ID] => 521098
                    [post_author] => 100
                    [post_date] => 2024-02-20 19:32:36
                    [post_date_gmt] => 2024-02-20 14:02:36
                    [post_content] => In Pakistan, market activity remained moderate in terms of fresh inquiries due to challenges in LC processing and subsequent payment delays. Shredded scrap offers from Europe and the Middle East ranged between $435-445/t CFR Qasim, while HMS 1 offers from Kuwait were around $415-420/t CFR Qasim.

Additionally, Yemen-origin LMS Bundles are available at $350/t (shipment within 14-21 days).

Current rates for US/Europe origin shredded stand at $438-442/t CFR Qasim, while HMS from the UAE is offered at $420/t.

<span class="ui-provider ed bbx bby bbz bca bcb bcc bcd bce bcf bcg bch bci bcj bck bcl bcm bcn bco bcp bcq bcr bcs bct bcu bcv bcw bcx bcy bcz bda bdb bdc bdd bde" dir="ltr">BigMint's assessment for European-origin shredded stood at $440/t slightly dropped by 1/t w-o-w.</span>

A trader source mentioned, "Bookings have been declined due to LC-related issues, exacerbated by unsupportive banking operations post-election."

As per market participants, document approvals face delays amidst forex volatility, IMF negotiations, and decreased foreign investment in January, impacting steel companies for further imported inquiries.

As per a mill-side source, "Market sluggishness persists due to delayed LCs and payments, and a slightly unstable market environment, both domestically and internationally, despite notably low rebar sales."

<strong>Recent deals:</strong>
<ul>
 	<li>Around 500 t of shredded scraps were booked from Europe at $443/t CFR Qasim.</li>
 	<li>Approximately 500 t of shredded scraps were booked from Belgium at $437/t CFR Qasim.</li>
 	<li>About 500 t of HMS scraps were booked from UAE at $410/t CFR Qasim.</li>
 	<li>Around 260 t of turning boring scraps were sourced from the UAE at $375/t CFR Qasim.</li>
 	<li>Around 250 t Brazil-origin LMS booked at $385/t on a CFR Qasim basis.</li>
 	<li>Around 250 t Brazil-origin busheling scrap was booked at $445/t on a CFR Qasim basis.</li>
 	<li>Approximately 1,400 t Kuwait-origin HMS 1 was booked at $420-425/t range on a CFR basis.</li>
 	<li>A parcel of 500 t of Europe-origin shredded was booked at $439/t on a CFR Qasim basis.</li>
 	<li>Another 1000 t of UK-origin shredded was booked at $444/t on a CFR Qasim basis.</li>
</ul>
<strong>Domestic market:</strong> In the domestic market, local scrap offers and indicatives were reported at PKR 155,000-175,000/t on an exw basis ($554-626/t) for exw-Karachi and an exw-Punjab basis, respectively. Similarly, rebar offers were heard at PKR 255,000-270,000/t($912-966/t) on an exw basis, whereas billet offers were heard at PKR 229,000-230,000/t($819-823/t) on an exw basis.
<img class="alignnone wp-image-521195 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Pak-Dom-20.2.24.png" alt="" width="1068" height="303" />

According to a steel mill representative, the current domestic market conditions are slightly subdued, with anticipation for improvement post-the-winter season. Finished steel sales continued at a moderate pace, with prices ranging from PKR 260,000/t to 268,000/t on an exw basis, consistent with previous reports of a downward trend.

<strong>Foreign direct investment (FDI)</strong> in January saw an inflow of $184.7 million, but outflow amounted to $357.9 million, resulting in the net outflow. For the July-January period of FY'24, FDI totalled $689.5 million, down by 21.4% compared to the same period last fiscal year, representing a loss of $187.3 million.

Despite a marginal increase of $13 million in reserves, reaching $8.056 billion, uncertain political and economic conditions have hindered Pakistan's ability to raise dollars from international markets. The economy's projected 2% GDP growth in FY'24, while an improvement over the previous year's contraction, falls short of the country's needs, potentially exacerbating unemployment and revenue challenges.

<strong>Power generation cost surge:</strong> In January 2024, Pakistan experienced a 23% increase in the cost of power generation compared to the same period last year. This surge, with the average cost reaching PKR 13.8/KWh, was primarily driven by higher costs of power generation from gas, nuclear, and Furnace Oil (FO) sources.

On a monthly basis, power generation increased by 9% compared to December 2023. During the first seven months of fiscal year 2024, power generation saw a slight uptick of 0.14% y-o-y reaching 77,200 GWh.

In terms of power sources, coal emerged as the leading contributor, accounting for 23.4% of the generation mix, followed by nuclear (20.8%) and RLNG (18.2%). Renewable sources, including wind, bagasse, and solar, collectively contributed 3.4% to the generation mix.

<strong>Currency rate:</strong> On Tuesday, the Pakistani rupee slightly weakened against the US dollar by 0.08%, closing at PKR 279.57 in the inter-bank market, down by PKR 0.21 compared to the previous day's close of PKR 279.36, according to the State Bank of Pakistan.

<strong>Outlook: </strong>Delays in LC approval pose a potential threat to imported scrap volume, according to sources from several mills. The political uncertainty has significantly heightened concerns regarding both the economic and political trajectory of the country during the last month.
<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" /></a>
                    [post_title] => Pakistan: Imported ferrous scrap prices witness stable trend with moderate trades and delayed LC concerns
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                    [post_modified] => 2024-02-20 19:33:52
                    [post_modified_gmt] => 2024-02-20 14:03:52
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                    [ID] => 521035
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                    [post_date] => 2024-02-20 19:25:42
                    [post_date_gmt] => 2024-02-20 13:55:42
                    [post_content] => Today, the South Asian ferrous scrap market exhibited a mixed trend. Indian buyers remained inactive due to price disparities and cost-effective alternatives in the domestic market. The markets in Pakistan and Bangladesh slowed down due to LC processing issues and a sluggish domestic steel market.

Shredded scrap offers decreased by $1/t in India, remained unchanged in Pakistan, and increased by $1/t in Bangladesh. Bulk US HMS (80:20) scrap prices to Turkiye also remained flat d-o-d.

<strong>Market overview</strong>

<strong>India: </strong>In India, imported scrap buyers are cautious due to cost-effective alternatives available in the domestic market and sluggish domestic steel sales. Shredded scrap from Europe is being offered at $415-420/t CFR Nhava Sheva, while HMS (80:20) prices are $390-395/t CFR.

Buyers aim for shredded scrap at $400-405/t CFR and HMS at $380-385/t CFR.

A representative from a trading company said, "India's market is quiet due to multiple reasons. Local scrap is available at a lower price, and for suppliers the price of scrap in their respective markets is more attractive compared to exports. Additionally, there is very poor sales of finished steel."

As per market participants, no specific deals were reported but customers suggest a price of around $405/t for shredded scrap. Suppliers are offering shredded scrap from Europe at $420-422/t and Australian suppliers are offering at $425/t, while bids stand at $405/t and $410/t. However, HMS is struggling to gain traction at $400/t, with reports of deals involving old imported material below market rates by $10-15/t.

<strong>Pakistan: </strong>In Pakistan, market activities remained average as buyers encountered difficulties in opening LCs, leading to delay in payments. Shredded scrap offers from Europe and the Middle East were at $435-445/t CFR Qasim. HMS 1 offers from Kuwait were at $415-420/t CFR Qasim, while sheared HMS offers from the Middle East stood at $425/t CFR and fabrication at $440/t CFR.

An official from a steel mill said, "Bookings have declined due to LC-related issues resurfacing as a major problem. Post-election, banking operations also remain unsupportive." Another official added, "Document approval is being delayed due to a weaker forex situation, IMF negotiations, and decreased foreign investment in January."

In the domestic market, local scrap prices were approximately at PKR 155,000-160,000/t ($554-572/t) ex-Karachi and PKR 173,000-180,000/t ($619-644/t) ex-Punjab. Rebar was assessed at PKR 255,000-260,000/t ($912-930/t) ex-Karachi and Punjab, while billets were reported at PKR 230,000/t ($823/t) ex-Punjab.

<strong>Bangladesh: </strong>In Bangladesh, the pace of imported scrap buying slowed down due to a sluggish domestic steel market. Indicative offers for shredded scrap from Europe were at $435-440/t CFR Chattogram, while HMS (80:20) stood at $415-420/t CFR. From Australia, offers for shredded scrap were heard at $420-425/t CFR, and for HMS (80:20), they were around $410-412/t CFR.

In the domestic market, local HMS scrap prices were reported at BDT 61,000-62,000/t ($556-565/t), while rebars were assessed at BDT 85,000-87,000/t ($775-793/t) ex-Dhaka and BDT 94,000-95,000/t ($857-966/t) ex-Chattogram. Billet prices were noted in the range of BDT 75,000-76,000/t ($683-692/t).

<strong>Turkiye: </strong>Turkish deepsea import ferrous scrap prices remain stable for HMS (80:20) assessed at $413/t CFR, unchanged from yesterday. Turkish mills remained cautious due to a slowdown in domestic rebar sales and anticipated softer scrap prices. Turkish exported rebar fell to $608/t FOB. Lower HMS collection costs in the Benelux region contributed to expectations of reduced scrap prices, with offers targeted at $410/t CFR and above. Despite the decline, EU sellers aimed for $418-420/t CFR, mindful of potential short positions in the market. The market remained cautious amid fluctuating demand and bearish sentiments from futures traders, awaiting further clarity on US domestic settlements in March, which could potentially push scrap prices below $400/t CFR.

<strong>Recent deals</strong>
<ul>
 	<li>Around 500 t of PNS scraps were booked from Peru at $428/t CFR Chattogram.</li>
 	<li>A parcel of 500-t PNS scraps were sourced from Malaysia at $435-440/ CFR Chattogram.</li>
 	<li>Approximately 250-t of turning boring scraps were booked from the US at $345/t CFR Nhava Sheva.</li>
 	<li>A small parcel of 250 t of HMS (80:20) scraps were procured from Central America at $387/t CFR Nhava Sheva.</li>
 	<li>Around 500 t of shredded scraps were booked from Europe at $443/t CFR Qasim.</li>
 	<li>Approximately 500 t of shredded scraps were booked from Belgium at $437/t CFR Qasim.</li>
 	<li>About 500 t of HMS scraps were booked from UAE at $410/t CFR Qasim.</li>
 	<li>Around 250-260 t of turning boring scraps were sourced from UAE at $375/t CFR Qasim.</li>
</ul>
<strong>Price assessments</strong>

<strong>India:</strong> UK-origin shredded scrap indicatives were assessed at $416/t CFR Nhava Sheva, down by $1/t d-o-d.

<strong>Pakistan:</strong> UK-origin shredded scrap indicatives were assessed unchanged at $440/t CFR Qasim.

<strong>Bangladesh:</strong> UK-origin shredded scrap prices were assessed at $436/t CFR Chattogram, up by $1/t.

<strong>Turkiye:</strong> US-origin HMS (80:20) bulk prices were assessed at $413/t CFR Turkiye, unchanged d-o-d.

<strong>Outlook</strong>

Imported scrap offers in the South Asian market are expected to stay range-bound, with fluctuations of approximately plus or minus $5/t due to prevailing market sentiments. Indian buyers are adopting a firm stance and are inclined to procure imported scrap only when it becomes financially viable. Currently, there exists a minimum gap of $20/t between domestic and imported scrap prices.

<img class="alignnone size-full wp-image-521184" src="https://aws.steelmint.com/wp-content/uploads/2024/02/SA-trade-20-2-24.png" alt="" width="1181" height="2077" />
                    [post_title] => South Asia: Imported scrap offers show mixed trend; Indian buyers remain inactive
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                    [post_date] => 2024-02-20 19:23:26
                    [post_date_gmt] => 2024-02-20 13:53:26
                    [post_content] => <ul>
 	<li>Billet prices in Tangshan fell sharply d-o-d by RMB 90/t ($13/t) to RMB 3,540/t ($492/t) on 20 Feb'24. Prices include 13% VAT.</li>
 	<li>Drop in raw material, finished steel prices and sharp fall in rebar futures have weighed on billet prices.</li>
 	<li>Meanwhile, SHFE rebar futures (May'24 delivery) decreased d-o-d by RMB 55/t ($8/t) d-o-d to 3,753/t ($522/t) on 20 Feb.</li>
</ul>
                    [post_title] => China: Steel billet prices fall by RMB 90/t ($13/t) d-o-d amid drop in rebar futures
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                    [post_content] => Pellet (Fe 63%) prices in Bellary, Karnataka inched up by INR 50/t to INR 10,600/t exw on 20 Feb'24 compared to 16 Feb. Deals of around 30,000 t were concluded at INR 10,500-10,750/t exw. Active trades at the prevailing offers amid rise in sponge prices have supported the pellet prices in the region. Meanwhile, sponge (P-DRI) prices have increased by INR 600/t w-o-w to INR 26,700/t exw.
                    [post_title] => India: Pellet prices remain largely stable in Bellary amid active trades
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                    [post_modified] => 2024-02-20 19:15:20
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                    [post_author] => 111
                    [post_date] => 2024-02-20 19:15:17
                    [post_date_gmt] => 2024-02-20 13:45:17
                    [post_content] => According to the latest data from the International Aluminium Institute (IAI), the aluminium production in Jan'24 has dipped, reaching 6.039 mnt, marking a marginal 0.05% decrease from 6.042 mnt, m-o-m. Conversely, production witnessed a rise of 2% y-o-y from 5.9 mnt in January 2023. Notably, China, as the primary alumina producer, accounted for 3.562 mnt, indicating a 0.1% slight decrease from the preceding month's 3.565 mnt.
                    [post_title] => Global aluminium production holds steady m-o-m in January 2024: IAI
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                    [post_name] => global-aluminium-production-holds-steady-m-o-m-in-january-2024-iai
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                    [post_author] => 127
                    [post_date] => 2024-02-20 18:54:48
                    [post_date_gmt] => 2024-02-20 13:24:48
                    [post_content] => Chinese mills export offers to Pakistan remained range-bound for HRC (SS400) at $570/t CFR Karachi. However, a deal for around 500 t was reportedly concluded at a similar level. Furthermore, a deal for HRC (Q195) of around 1,000 t has been heard at $563/t CFR Karachi. "Pakistan market has not seen any improvement, as election results remain unclear," informed a Pakistan based source.
                    [post_title] => Pakistan: Imported HRC offers remain range-bound w-o-w amid recent deals
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                    [post_date] => 2024-02-20 18:54:04
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                    [post_content] => The Coal Ministry received 40 bids via offline mode for 32 coal mines in the ninth commercial auction round. Bid submission ended on 19 February 2024. The ninth tranche of auction was launched for 32 coal mines. Online and offline bids will be revealed with bidders present on 20 February 2024.
                    [post_title] => India: Government receives 40 bids offline for 9th round of coal mines auction
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                    [post_name] => india-government-receives-40-bids-offline-for-9th-round-of-coal-mines-auction
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            [10] => WP_Post Object
                (
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                    [post_date] => 2024-02-20 18:53:02
                    [post_date_gmt] => 2024-02-20 13:23:02
                    [post_content] => On 20 February, 2024, according to BigMint's report, the index for domestic steel scrap (end-cutting) in Mandi Gobindgarh increased by INR 200 per tonne (t), reaching INR 37,600/t on a delivered-at-plant (DAP) basis. This surge is attributed to active trading and a scarcity of domestic scrap, resulting in a weekly increase of INR 1,300/t in end-cutting scrap prices.

<span style="text-decoration: underline"><strong>Steel market</strong></span>

In Mandi, steel ingot prices rose by INR 100/t, reaching INR 43,000/t during reporting and price normalisation. Similarly, prices in various significant markets also witnessed an increase, ranging from INR 100/t to INR 400/t today. Rebar (Fe500) prices saw a rise of INR 300/t, reaching INR 47,300/t, supported by robust trade activity.

A Mandi steel maker informed BigMint: "In recent days, there has been an uptick in trade activity, signalling a departure from the subdued market conditions experienced over the past few months. However, major steel manufacturers are still grappling with significant challenges. The root cause lies in the limited supply of scrap materials in the region. The ongoing farmer protests and the sealed Punjab border have disrupted the regular flow of arrivals and dispatches, causing disruptions in the local supply chain."

Most large mills are relying on their existing inventory of raw materials, including scrap and sponge iron, despite experiencing shortages of steel scrap and price disparities in the Mandi market.

<span style="text-decoration: underline"><strong>Raw materials price update</strong></span>

In Mandi, the price of sponge iron (CDRI) held steady at INR 31,200/t, while pig iron (steel grade) prices in Ludhiana remained unchanged at INR 39,500/t on a delivered-at-plant (DAP) basis.

<span style="text-decoration: underline"><strong>About imported scrap market</strong></span>

In India, imported scrap buyers were cautious due to cost-effective alternatives available in the domestic market and sluggish domestic steel sales. Shredded scrap from Europe was offered at $415-420/t. Buyers aim for shredded scrap at $400-$405/t CFR and HMS at $380-$385/t CFR.

A representative from a trading company commented, "India's market is quiet due to multiple reasons. Local scrap is available at a lower price, and for suppliers the price of scrap in their respective market is more attractive compared to exports. Additionally, there is very poor sales of finished goods."

<span style="text-decoration: underline"><strong>Overview of other market</strong></span>

According to BigMint's evaluation on 20 February, 2024, ship-breaking melting scrap prices in <strong>Gujarat's Alang</strong> market edged up by INR 200/t d-o-d. The assessed price for HMS (80:20) reached INR 34,200/t ex-yard. A surge in trade activity and pricing trends for semi-finished and finished steel noticed in the later hours of the previous trading session, along with heightened demand for scrap, prompted suppliers to raise their offers today.

<strong>Mumbai</strong>: Prices for Rebar (Fe 500) on the Mumbai IF route stayed constant day over day at INR 48,200/t exw. Good trade activity was seen in the market for finished steel. Additionally, the cost of a billet has gone up by INR 100/t d-o-d to INR 43,100/t DAP. Scrap dealers have raised their offer prices in response to the market's strong demand for finished steel, which has been evident since last week. The current pricing of scrap (HMS 80:20) is INR 33,000/t DAP. Conversion Spread between scrap and billet is around INR 10,100/t.

<span style="text-decoration: underline"><strong>Price highlights</strong></span>

<strong>End-cutting and billets spread:</strong> In Mandi, the end-cutting scrap and billets spread was at INR 5,000-5,500/t.

<strong>Domestic Vs imported scrap:</strong> Imported melting scrap prices at Nhava Sheva Port were at around $388-$393/t, which equates to approximately INR 34,819/t (including freight),while local scrap-HMS (80:20) prices in Mumbai climbed by INR 500/t to INR 33,000/t d-o-d.

<strong>Raipur sponge iron-billet spread:</strong> The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 12,900/t.

<img class="alignnone size-full wp-image-521108" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Index-tABLE-20-2-24.png" alt="" width="877" height="971" />
To see SteelMint's melting scrap assessment, pricing methodology and specification documents, <a href="https://wp-insights-sm.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/India_Domestic_Scrap_Methodology_version_1.05-Mar-2023-1.pdf">Click here</a>

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact - info@steelmint.com.

<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" /></a>
                    [post_title] => India: BigMint's scrap index rises by INR 1,300/t w-o-w - 20 Feb
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                    [post_date] => 2024-02-20 18:50:37
                    [post_date_gmt] => 2024-02-20 13:20:37
                    [post_content] => <ul>
 	<li><strong>China's market still not fully operational</strong></li>
 	<li><strong>Regular market activities ensured price consistency</strong></li>
</ul>
In comparison to the last assessment on 12 February, Indian ferro silicon (70%) prices saw a little decrease of INR 300/t ($4/t) w-o-w. Prices remained constant as regular trades were conducted, primarily at the quotes provided by manufacturers.

As per BigMint's assessment on 19 February, Indian ferro silicon prices stood at INR 106,700/t ($1,286/t) exw-Guwahati. Bhutan's prices experienced a slight w-o-w decline of INR 150/t ($2/t) and were standing at INR 106,850/t ($1,288/t). In the range of INR 105,000-107,000/t ($1,266-1,290/t), around 2,700 t of deals were concluded in both the regions in previous week.

<strong>Weekly market highlights</strong>

Following the release of this month's offerings, regular trading operations were conducted in the markets in both regions. However, there were reports of lesser inquiries which forced some to revise their offers at lower prices. Still majority of them were offering at INR 107,000/t ($1,290/t) exw.

Ferro silicon (Si:75%) prices in China were RMB 7,000/t ($973/t) exw-Inner Mongolia, and they stayed steady w-o-w. Post holidays, most companies have not yet resumed normal operations which resulted in lesser market activities.

On China's Zhengzhou Commodity Exchange (ZCE), ferro silicon futures for the March 2024 delivery contract decreased by RMB 30/t ($4/t) to RMB 6,548/t ($910/t) on 19 February as compared to the prices on 8 February.

<img class="alignnone size-full wp-image-521067" src="https://aws.steelmint.com/wp-content/uploads/2024/02/zce-20-feb.png" alt="" width="801" height="400" />

<strong>Outlook</strong>

Based on BigMint's analysis, prices might undergo a slight correction in the upcoming days but are anticipated to remain within the current range.
                    [post_title] => India: Ferro silicon prices hold firm in recent trades
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                    [post_date] => 2024-02-20 18:35:10
                    [post_date_gmt] => 2024-02-20 13:05:10
                    [post_content] => <ul>
 	<li><strong>Export inquiry upliftment leads to price rise</strong></li>
 	<li><strong>Chinese market quotes unchanged prices for silico manganese post-Lunar holidays</strong></li>
</ul>
Silico manganese prices saw an uptick this week, attributed to increased demand from south east Asia, Egypt, Turkey and Japan.

According to SteelMint's assessments on 19 February 2024, the 60-14 grade was assessed at $845/t FOB, up by $8/t, and the 65-16 grade was rated at $945/t FOB, up by $10/t.

<strong>Weekly confirmed deal</strong>

<img class="alignnone size-full wp-image-521159" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Deals-weekly-20-Feb.png" alt="" width="1329" height="109" />

<strong>Global market this week</strong>

<strong>Active buying from overseas market:</strong> Demand from Japan, Italy, UAE, Egypt and especially from Turkiye witnessed an upswing. "One of the leading exporters from Vishakhapatnam stated, "<em>I foresee a potential $10/t FOB price increase, followed by a period of price stabilization. Currently, there's an uptick in prices due to increased bulk orders from Turkiye, the Middle East, Romania, and Taiwan."</em>

<strong>Chinese market offerings remain steady:</strong> The Chinese silico manganese market exhibited moderate activity following the Spring Festival holiday, reflecting a cautious post-holiday environment. Trading sentiment remained average as factories gradually resumed operations after the holiday break. The market adopted a wait-and-see approach, awaiting further clarity on demand trends. Prices were at around RMB 6,310/t to 6,410/t ($877/t-891/t). All prices were ex-works and inclusive of taxes.

<strong>Outlook</strong>

The Red Sea crisis and shipment delays are causing major concerns among sellers due to the lack of clarity surrounding them. Despite these worries, sellers remain hopeful about the demand outlook.

However, it has been observed that some sellers are troubled by higher freight charges and ongoing shipment delays. There is a concern that if this situation persists, export prices may reach a saturation point. Another viewpoint, shared by a significant market player, is that "Only when the Red Sea situation, which is becoming more uncertain day by day, is resolved, will prices increase due to increased demand. Until then, a wait-and-see approach should be adopted."
                    [post_title] => India: Silico manganese export prices witness an uptick on risen export inquiries
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                    [post_date] => 2024-02-20 18:32:41
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                    [post_content] => Indian HRC export offers to the Middle East remained stable w-o-w, ranging $630-635/t CFR. Moreover, Chinese prices were range-bound hovering at $600-610/t CFR UAE. However, SHFE HRC futures declined to RMB 3,916/t ($544/t) on 20 Feb'24 against RMB 3,978/t ($553/t) before Lunar New Year holidays. Furthermore, Vietnamese HRC offers inched down, ranging $630-635/t CFR UAE.
                    [post_title] => Indian HRC export offers to ME remain stable w-o-w
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                    [post_name] => indian-hrc-export-offers-to-me-remain-stable-w-o-w
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                    [post_modified] => 2024-02-20 18:32:41
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                    [post_date] => 2024-02-20 18:23:45
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                    [post_content] => BigMint's billet index inched up by INR 50/t to INR 39,400/t exw-Raipur on 20 February, 2024.

The index remained range-bound, with a modest increase in spot prices owing to firm market sentiments today. However, only nominal transaction volumes were recorded d-o-d, as buyers had placed enough bookings in last few days.</span>

About 1,250 t of transactions were recorded as against 2,950 t on 19 February.

The finished steel segment rebar prices were up by INR 200/t and 900 t of transaction recorded. Wire rod prices rose by INR 200/t and 3,500 t of trades recorded. Sponge iron prices inched up by INR 50/t.

The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the region was recorded at INR 12,900/t.

<strong>Rationale -</strong>

This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
<ul>
 	<li><strong>Transactions (T1) - </strong>Three trades at INR 39,400-39,450/t were recorded during the 2:30 pm to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 39,406/t which is given a 50% weightage in the final price calculation.</li>
 	<li><strong>Other Price Indicators - bids/offers/indicative (T2) -</strong> Sixteen offers reported in the trading window and considered as T2 inputs. The average price of these sixteen was INR 39,440/t and given a 50% weightage in the final price calculation.</li>
</ul>
The final price for billet exw Raipur was at INR 39,423/t, rounded to INR 39,400/t exw.

<a class="fui-Link ___10kug0w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="https://wp-insights-sm.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/billet-draft-methodology_18-july-2023.pdf" href="https://wp-insights-sm.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Billet-draft-methodology_18-July-2023.pdf" target="_blank" rel="noreferrer noopener" aria-label="Link Click for detailed methodology"><strong>Click for detailed methodology</strong></a>

<img class="alignnone wp-image-521100 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/tt-4-2.png" alt="" width="766" height="594" />

T1 - Trade, T2 - Offer/Bid/Indicative, *Normalized price as per methodology

<img class="alignnone wp-image-521102 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/AMT-15-7.png" alt="" width="779" height="1085" />

<img class="alignnone size-full wp-image-226423" src=" https://www.steelmint.com/fileForMail/banner-Insight.png " alt="" width="800" height="200" />
                    [post_title] => India: BigMint's billet index inches up by INR 50/t amid limited buying - 20 Feb
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                    [post_date] => 2024-02-20 18:23:36
                    [post_date_gmt] => 2024-02-20 12:53:36
                    [post_content] => Indonesia's benchmark coal price, also known as Harga Batubara Acuan (6,322 kcal/kg GAR) drop by 3% m-o-m in Feb'24. The HBA prices in Feb'24 revised to $124.95/t. The prices for the 5,300 kcal/kg GAR grade are recorded at $87.65/t. The prices for 4,100 kcal/kg GAR and 3,400 kcal/kg GAR recorded at $57.86/t and $37.54/t respectively.
                    [post_title] => Indonesia: Benchmark coal prices drop by 3% m-o-m in Feb'24
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                    [post_name] => indonesia-benchmark-coal-prices-drop-by-3-m-o-m-in-feb24
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                    [post_modified] => 2024-02-20 18:23:36
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                    [post_date] => 2024-02-20 18:17:53
                    [post_date_gmt] => 2024-02-20 12:47:53
                    [post_content] => India's induction furnace (IF) steel market followed an upward movement on 20 February, 2024, across regions as offers floated by the mills increased in the range of INR 50-500/tonne (t) d-o-d compared to the previous trading session.

Sponge iron prices rose in the range of INR 50-250/t, with the Hyderabad and Bellary markets witnessing the sharpest rise.

Billet prices witnessed an uptick in the range of INR 50-500/t, with the Hyderabad market witnessing the sharpest rise.

Rebar (Fe 500) offers increased in the range of INR 200-500/t. The Hyderabad market saw the sharpest increase.

Average trades were observed in the market today as sellers received limited bookings at higher offers. Buyers opted for wait-and-watch mode due to uncertainty in the market trend. As per the participants, volatility may persist in the near term.

<strong><a href="https://www.steelmint.com/insights/india-s-brand-wise-rebar-offers-from-bf-and-if-route-mills---20-feb-520996">Click here for rebar brand-wise details.</a></strong>

<strong>BigMint's price assessment (Region wise)<img class="alignnone size-full wp-image-521095" src="https://aws.steelmint.com/wp-content/uploads/2024/02/daily-table-16-14.png" alt="" width="746" height="1340" /></strong>
<img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" />
                    [post_title] => Indian DRI, billet and rebar update - 20 Feb
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                    [post_name] => indian-dri-billet-and-rebar-update-20-feb
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                    [post_date] => 2024-02-20 18:13:26
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                    [post_content] => NMDC had an iron ore auction from Kumaraswamy mines, Karnataka on 19 Feb'24. According to sources, 132,000 t fines (Fe 59.15-62.93%) and 252,000 t lumps (10-40, Fe 60.36-64.44%) got booked at INR 3,373-5,527/t and INR 5,292-5,999/t against the base price of INR 3,627-4,389/t and INR 4,072-4,935/t, respectively. Prices are on FOR, ex-stockpile/mines basis and inclusive of royalty, DMF and NMET.
                    [post_title] => India: Over 380,000 t of iron ore fetch premium bids in NMDC's Kumaraswamy auction
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                    [post_name] => india-over-380000-t-of-iron-ore-fetch-premium-bids-in-nmdcs-kumaraswamy-auction
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                    [post_modified] => 2024-02-20 18:49:45
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                    [post_date] => 2024-02-20 18:02:15
                    [post_date_gmt] => 2024-02-20 12:32:15
                    [post_content] => Tokyo Steel, Japan's top electric arc furnace steel producer, kept HRC (1.7-22mm) prices largely stable for March 2024 sales. In addition, the company has also kept rebar and H-beam prices stable unchanged for the same period. Notably, the company has been keeping rebar and H-beam prices stable since August 2023.
                    [post_title] => Japan Tokyo steel rebar and scrap price movement (Jan'21-Mar'24)
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                    [post_name] => japan-tokyo-steel-rebar-and-scrap-price-movement-jan21-mar24
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                    [post_modified] => 2024-02-20 18:04:05
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                    [post_date] => 2024-02-20 17:55:44
                    [post_date_gmt] => 2024-02-20 12:25:44
                    [post_content] => India's sponge iron market witnessed a rise in prices today ranging from INR 50-350/t in almost all major locations. This can be attributed to active spot trading coupled with buying interest.

PDRI market prices closed at a range of INR 24,900-27,400/t and CDRI prices, at INR 26,200-31,200/t.

Bulk bookings were seen especially in the southern region today, which led to a rise in daily spot trade volumes.

About 22,300 tonnes (t) of sponge iron transactions were recorded in the country on Tuesday compared to 13,200 t on 19 February.

According to sources, the price rise is also due to the decent performance of semi-finished and finished steel prices. Billet prices increased by INR 100-500/t in key markets today.

<strong>Rationale -</strong>

Prices have been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.

<b data-stringify-type="bold"><a class="c-link" href="https://wp-insights-sm.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Sponge-Iron-Index_-18-july-2023.pdf" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.steelmint.com/steeladmin/flags/pdf/Sponge_Iron_Methodology_dom.pdf" data-sk="tooltip_parent" data-remove-tab-index="true">Click for detailed methodology</a></b>

<img class="alignnone size-full wp-image-521056" src="https://aws.steelmint.com/wp-content/uploads/2024/02/TS-12-5.png" alt="" width="1547" height="317" />T1 - Trade, T2 - Offer/Bid/Indicative

<img class="alignnone size-full wp-image-521057" src="https://aws.steelmint.com/wp-content/uploads/2024/02/AMT-15-6.png" alt="" width="1111" height="777" /><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" />
                    [post_title] => India: Sponge iron prices rise on active buying - 20 Feb
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                    [post_date] => 2024-02-20 17:27:00
                    [post_date_gmt] => 2024-02-20 11:57:00
                    [post_content] => NMDC Bacheli had conducted an auction for 88,200 t iron ore from Chhattisgarh on 17 Feb. According to sources, 16,800 t of DRCLO (10-40mm, Fe67%) got booked at INR 8,280/t against bid price of INR 7,220/t, in addition, 67,200 t of fines (Fe64%) got booked at INR 6,510/t against bid price INR 5,310/t and 4,200 t ROM (10-150mm, Fe65.5%) remained unsold. Prices are on FOR, ex-mines basis inclusive of taxes.
                    [post_title] => India: Buyers book 84,000 t of iron ore in NMDC Bacheli auction
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                    [post_name] => india-buyers-book-84000-t-of-iron-ore-in-nmdc-bacheli-auction
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                    [post_modified] => 2024-02-20 17:27:00
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            [21] => WP_Post Object
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                    [post_date] => 2024-02-20 17:12:04
                    [post_date_gmt] => 2024-02-20 11:42:04
                    [post_content] => This week, the iron scrap inventory among the eight major South Korean steel producers remained steady at 798,000 tonnes (t), up by a mere 1% from the previous week. While certain steel manufacturers continue to undergo significant repairs, others have resumed operations following the completion of major maintenance work. Consequently, it appears that the growth in inventory has come to a standstill for now.

Notably, both the central and southern regions maintained similar inventory levels compared to the previous week.

<strong>Region-wise inventory</strong>

<strong>Central region:</strong> In the central region, steelmakers reported an inventory of 409,000 t, reflecting a slight decrease of approximately 1,000 t from the previous week. Each company exhibited its own distinct patterns. Hyundai Steel's Incheon and Dangjin factories experienced a decrease of 2.6% compared to the previous week.

<strong>Southern region:</strong> In the southern region, the inventory stood at 389,000 t, marking a marginal decline of 0.3% from the previous week. Notably, the combined inventory of Daehan Steel and YK Steel saw a notable increase of 3.7% compared to the previous week. Korea Steel's inventory surged by 20%, while Korea Special Steel, which completed repairs shortly after the holidays, witnessed a decrease of 6.8% compared to the previous week.

Additionally, POSCO, which typically maintains a larger inventory of iron scrap, decreased by 4.8% compared to the previous week as it commenced inventory adjustments. Within the industry, significant repairs are underway at Korea Steel, scheduled to conclude on the 21 February, as well as at Hyundai Steel's 90-t electric furnace (until 26 June) and Dongkuk Steel's Incheon plant's 100-t electric furnace (starting on the 26 February). Observers are keenly monitoring how these developments will impact market dynamics.

Meanwhile, it has been observed that the daily intake of steel mills in the southern region has not recovered since dropping below 10,000 t since mid-February.

<em>Note: This article has been published in accordance with an article exchange agreement between SteelDaily and BigMint.</em>
                    [post_title] => South Korea: Scrap inventory at major mills remain steady with nominal rise of 1% w-o-w
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                    [post_date] => 2024-02-20 17:07:51
                    [post_date_gmt] => 2024-02-20 11:37:51
                    [post_content] => As our valued subscriber, we are happy to share with you a comprehensive brand-wise list of rebar offers spanning some 60 producers as on 20 February, 2024.
<ul>
 	<li>IF route mills increased offers in the range of INR 100-500/t across regions.</li>
</ul>
<a href="https://aws.steelmint.com/wp-content/uploads/2024/02/BigMInt_Indias-Brand-wise-re-bar-offers-of-IF-route-mills-as-on-feb24-12-25-mm-1-1-1.pdf" target="_blank" rel="noopener"><img style="width: 100%" src="https://aws.steelmint.com/wp-content/uploads/2024/02/MicrosoftTeams-image-165.jpg" alt="" /></a>
<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/sima-c.png" alt="" width="800" height="200" /></a>
                    [post_title] => India's Brand-wise Rebar Offers from BF and IF route mills - 20 Feb
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                    [post_name] => indias-brand-wise-rebar-offers-from-bf-and-if-route-mills-20-feb
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                    [post_modified] => 2024-02-20 17:07:51
                    [post_modified_gmt] => 2024-02-20 11:37:51
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                    [post_date] => 2024-02-20 16:54:14
                    [post_date_gmt] => 2024-02-20 11:24:14
                    [post_content] => Pellet trade volumes in the domestic market rose by 21% m-o-m to 617,900 tonnes (t) in January 2024 compared to 512,700 t in December 2023, according to data maintained with BigMint.

<strong>Factors driving up domestic pellet trade volumes:</strong>
<ul>
 	<li><strong>Hike in lumps offer:</strong> OMC had conducted an auction for around 3 mnt of iron ore on 19 January, 2024 in which 2.6 mnt of iron ore got booked by the buyers out of which 1.048 mnt were lumps and 1.524 mnt comprised fines. Need-based buying was seen in the auction amid a shortage of high-grade material due to the exhaustion of environmental clearances (ECs). However, bids for fines increased by INR 100-1,100/t against those seen in December 2023 while bids for lumps increased by INR 50-1,400/t against those for December 2023.</li>
 	<li><strong>Ore availability low:</strong> In the last two months, iron ore lumps availability in the market has been quite low owing to exhausted ECs at merchant miners' end. As per BigMint data, ECs have already been exhausted by 75-90%.</li>
 	<li><strong>Subdued export demand:</strong> Domestic mills were focused on sales in the domestic market rather than exports. Chinese steelmakers avoided booking premium material amid poor steel margins at home. India pellet makers, on the other hand, realised better margins in the domestic market an and hence avoided exports following sluggish demand in overseas markets.</li>
 	<li><strong>Pellet Production increases 4% in Jan'24:</strong> Pellet production in India for the month of January 2024 also increased by 4% to 8.3 mnt compared to 7.96 mnt in December 2023.</li>
</ul>
<img class="alignnone size-full wp-image-521038" src="https://aws.steelmint.com/wp-content/uploads/2024/02/pellet-trade-table-1.png" alt="" width="655" height="440" />

<strong>Pellex overview</strong>

The monthly average of BigMint's domestic pellet index, PELLEX, was assessed at INR 9,850/t, edging down by INR 100/t m-o-m in January. The fall in Pellex resulted from the price reduction at local plants in Raipur.

<strong>Sponge market overview</strong>

Sponge PDRI prices in Raipur fell by INR 300/t m-o-m to INR 26,750/t while in the majority of regions, prices dipped by INR 100-1,100/t m-o-m in January. Prices decreased in January because buyers preferred to procure at lower offers while demand for finished steel was also low.

<strong>Outlook</strong>

Pellet trade volumes in February 2024 are expected to remain volatile following the sluggish approach from buyers amid poor margins as sponge and finished steel offers are projected to move southwards.
                    [post_title] => India: Pellet trade volumes rise 21% m-o-m in Jan'24 amid hike in lump offers, lower exports
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                    [post_modified] => 2024-02-20 17:52:18
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                    [post_date] => 2024-02-20 16:37:57
                    [post_date_gmt] => 2024-02-20 11:07:57
                    [post_content] => The South Asian ship-recycling market witnessed diverse dynamics in the past week, reflecting contrasting fortunes across India, Pakistan, and Bangladesh. In India, the ship-recycling sector faced persistent challenges, with Alang buyers struggling to compete amidst a shortage of available tonnage and subdued local sentiments due to upcoming holidays and election uncertainties. Conversely, Pakistan experienced a semblance of stability post-general elections, with an easing of Letter of Credit (LC) issuance boosting demand from Gadani Recycles, albeit against a backdrop of limited tonnage availability and stagnant steel plate prices.

Bangladesh emerged as a bright spot following its elections, with increased availability of LC fueling demand in Chattogram and positioning the country atop the market rankings once again. The positive momentum was palpable with swift vessel removals and beaching, underscoring the market's healthier stance. Despite fluctuations, the Bangladeshi taka (BDT) held steady against the US dollar, further bolstering confidence in Chattogram's ship-recycling market.

<strong>INDIA</strong>

India's ship-recycling sector continues to struggle, firmly placing itself at the bottom of the sub-continent market rankings. Despite efforts, Alang buyers find it increasingly difficult to compete with stronger offers from Gadani buyers and more aggressive Chattogram Choppers, creating a challenging environment for India's performance. Factors such as a shortage of available tonnage, upcoming Holi holidays, and uncertainty surrounding the country's general elections contribute to subdued local sentiments.

Although India's fundamentals remain relatively steady, with the Indian rupee (INR) hovering around the INR 83 mark against the US dollar and local steel plate prices showing stability despite past losses, the market experiences volatility, with Indian plate prices closing slightly higher this week. The scarcity of vessel arrivals at Alang's waterfront is apparent, leaving Alang buyers reliant on HKC-only units and highlighting India's lower offer levels compared to neighbouring competitors.

Despite efforts to attract environmentally conscious ship owners, such as MSC's commitment to HKC-only recycling, there has been no significant influx of vessels into India, resulting in zero market fixtures for Alang. Overall, India's ship-recycling sector faces significant challenges in competing with neighbouring markets, with uncertainties surrounding elections and a lack of vessel arrivals contributing to ongoing performance issues.

A recycler expressed concern about the current market conditions, stating, <em>"Market conditions are very bad. There are no available ships in Alang."</em>

The total tonnage received in Alang was around 3,934 LDT this week.

<strong>BANGLADESH</strong>

Following the conclusion of Bangladesh's general elections, there has been a notable increase in the availability of Letters of Credit (LCs) for domestic ship recyclers in Chattogram, leading to a surge in demand from the market. This uptick in availability has spurred aggressive negotiations and heightened demand for tonnage, positioning Bangladesh at the forefront of the market rankings once again. The root cause of the previous LC issues can be traced back to a shortage of U.S. dollar reserves in both Bangladesh and Pakistan, prompting governments to restrict LC issuance from domestic banks.

While some LC problems persist, a majority have been resolved, resulting in increased interest and demand from Chittagong Choppers. This renewed enthusiasm is evident in the swift removal and beaching of vessels in Chattogram, contrasting sharply with the quiet beaches of neighboring competitors. Despite minor fluctuations, the Bangladeshi taka has stabilised against the U.S. Dollar, while local steel plate prices saw a slight decrease. Overall, the Chattogram ship recycling market is currently in a healthier position than it has been in some time, signaling positive growth for the industry.

The total tonnage received in Chattogram port was around 90,942 LTD this week.

<strong>PAKISTAN</strong>

Following Pakistan's recent general elections and the announcement of a coalition government, the country appears to be settling into a period of relative calm after pre-election uncertainty and violence. With the easing of LC issuance for vessel recycling following reports of an IMF loan agreement, demand from Gadani Recycles has surged. However, this comes at a time when tonnage availability is extremely limited, leaving local recyclers uneasy. Despite this, Gadani continues to face challenges due to ongoing vessel supply shortages and domestic volatility, with steel plate prices remaining stagnant as the Pakistani rupee (PKR) weakens against the US dollar.

Meanwhile, Bangladesh maintains its lead in ship-recycling numbers, expected to remain the preferred destination for vessels from the Far East following the conclusion of the Chinese New Year holidays. This trend is evident in Chattogram's bustling port activity contrasted with Gadani's empty port, resembling a ghost town. It is likely that future vessels will continue to favour Bangladesh, particularly if HKC units and Chinese-owned tonnage resume recycling sales.

A recycler commented, <em>"The market is a bit quiet as people are anticipating a correction. International sellers are feeling pressure due to downturns in Chinese futures and the Turkish market."</em>

Notably, no tonnage was received at Gadani Port this week.

<img class="alignnone size-full wp-image-521028" src="https://aws.steelmint.com/wp-content/uploads/2024/02/SB-table-20-2-24.png" alt="" width="593" height="237" />
                    [post_title] => South Asia: Ship recycling market witnesses mixed trend w-o-w; Bangladesh emerge as a bright spot
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                    [post_date] => 2024-02-20 16:36:29
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                    [post_content] => An auction for around 2,000 tonnes of melting scrap, which consists of pooled iron fines, LRS fines, pig iron fines, and dry pit jam, will be organized by Neelachal Ispat Nigam Limited (NINL). This scrap originates from the company's Kalinganagar plant in Odisha and is set to take place on 21 February 2024.
                    [post_title] => India: NINL to auction 2,000 t of melting scrap from Kalinganagar facility
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                    [post_content] => Indian Oil Corporation Ltd. (IOCL) is preparing to conduct an auction for 1,650 tonnes of old LPG cylinder scrap in the third and fourth weeks of February 2024. The auction will involve 950 tonnes from five locations in the northern region, covering units in Uttar Pradesh, Haryana, and Delhi. Furthermore, southern units will contribute approximately 446 tonnes of similar grade material to the auction.
                    [post_title] => India: IOCL to auction around 1,650 t of old LPG cylinder scrap
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                    [post_content] => India's steel exports in calendar 2023 (CY'23) were driven by the European Union (EU) which showed a substantial y-o-y growth. However, India's overall volumes fell 22% in CY'23 to around 8 million tonnes (mnt) against 10 mnt in CY'22 because most of the other key importing geographies showed sharp y-o-y declines.

CY'24 is likely to emerge as a challenging year for Indian mills in terms of exports and for multiple reasons. One, China may continue to remain an aggressive exporter in the current calendar, if its home demand and prices fail to pick up. Two, even though the EU offered solace in terms of decent imports last year, the quotas do act as a barrier for Indian mills.
                    [post_title] => India's Region-wise Steel Exports in 2023
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                    [post_content] => In flats, sentiments similar to rebar prevailed - buyers continued to make need-based procurements.Thus, trade-level hot rolled coil (HRC) prices remained stable w-o-w at INR 53,500-54,500/t ($646-657/t) while cold rolled prices were also static at INR 61,500-62,500/t ($741/-753/t). Factors like lacklustre domestic demand, imports, inventory glut and range-bound raw material prices have been converging for months now, to keep prices under check. However, import volumes, so far into February, have dropped somewhat to 0.20 million tonnes (mnt) from January's 0.66 mnt levels as fresh bookings have been easing amid the prevailing market dullness.
                    [post_title] => India flat steel composite index down 0.2% w-o-w
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                    [post_content] => The slide in the BF segment was partly a knee-jerk reaction to the dullness prevailing in the induction furnace (IF) rebar space which commands 65-70% of the market. Prices here remained flat w-o-w at INR 48,100/t ($579/t). Here too, lacklustre buying amid rising inventories did not allow mills any space to raise offers. With the BF-route prices sliding further, the average spread with induction furnace (IF) material has normalized to INR 3,500-4,000/t (42-48/t). However, the worrisome aspect here is that the spread normalization has happened at lower price points.
                    [post_title] => India long steel composite index down 0.3% w-o-w
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                    [post_content] => State-owned Vizag Steel (RINL) has floated an ocean sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP) on FOB ST delivery against 100% advance payment terms. The last date for bid submission is 27 Feb'24 and the delivery is scheduled for 10 Apr'24. India's billet exports stood at 864,828 t in CY'23.
                    [post_title] => India: RINL floats 30,000 t bloom export tender
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                    [post_date] => 2024-02-20 12:08:23
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                    [post_content] => The blast furnace (BF) capacity utilization rate among the 247 Chinese steel producers under Mysteel's regular tracking nudged up for the sixth straight week to reach 83.97% during 9-15 February, higher by 0.17 % point from the prior week, while the daily hot metal output among these steelmakers also rose by 4,800 tonnes (t)/day on week to average 2.25 million t/d.

Last week, one idled BF was brought back on stream after the maintenance work had been completed, which led to a small increase in the overall hot metal production, the survey showed.

Chinese steelmakers generally kept their BFs operating during the Chinese New Year holiday that officially spanned 10-17 February, although domestic steel trading largely ceased, Mysteel Global noted.

As such, daily average consumption of imported iron ore among the sampled steelmakers had picked up for the sixth straight week by another 6,500 t/d on week to reach 2.76 million t/d during 9-16 February, according to the survey.

During the same period, two BFs of smaller sizes were shut off for routine maintenance, so the average operational rate among the tracked 247 mills lost 0.3 percentage point on week to 76.37%, the survey showed.

On the other hand, most domestic steelmakers halted their procurement of iron ore last week since suppliers of the feedstock had left the market to enjoy their holiday breaks, Mysteel Global learned, so steel mills could only consume their own iron ore stocks for production.

As a result, the 247 steelmakers under Mysteel's tracking saw their iron ore inventories drop significantly during the holiday, with their total stocks of imported iron ore lower by 13.4 million tonnes or 12.3% on week to 95.7 million tonnes as of 16 February. The stocks would be sufficient to last these mills for 34.7 days at their present consumption rate, shorter by 5 days from the previous period, according to Mysteel's assessment.

<em>Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.</em>
                    [post_title] => China's BF capacity use edges up during CNY holiday
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                    [post_content] => Iron ore (Fe 62%) fines spot prices fell by $1.2/t d-o-d to $128.80/t CFR China on 19 Feb'24 as post-holidays iron ore demand in China was reported weaker than anticipated by market observers. As per reports, the iron ore market has not seen the expected recovery in demand, despite the restart of trade activity following the CNY break.
                    [post_title] => China: Spot iron ore prices fall on weak demand after CNY holidays
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                    [post_content] => Below is the brief near-term outlook for five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with Chinese market participants.

<strong>Rebar, wire rod:</strong> Prices of two construction steel items may trend upwards over 19-23 February with limited contradiction between long steel production and demand. The output of the two items has declined to a low level while demand from end-users remained largely stagnant as work on construction sites and logistics has not significantly recovered yet.

<strong>Hot-rolled coil:</strong> This price may show signs of strengthening over 19-23 February due to the gradual release of demand and the support of macroeconomic expectations.

<strong>Cold-rolled coil:</strong> This price is likely to move up slightly in the week ending 23 February. Traders have some inclination to push up prices due to their cost pressure, a Southwest China-based source shared.

<strong>Medium plate:</strong> An industry watcher in South China's Guangdong province estimated that the price of medium plates would gain some momentum over 19-23 February due to limited supplies of plates to the market during the Chinese New Year holiday, and some steel mills may curtail production afterward.

<strong>Sections:</strong> The sections' prices are expected to rise over 19-23 February, as demand will improve with end-users across the country resuming operations after the holiday break, and the output of sections may grow in tandem due to the production resumption among re-rollers. Meanwhile, traders are optimistic about current market dynamics, and they may replenish sections in some quantities.

<em>Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.</em>
                    [post_title] => Near-term outlook on China's steel products
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                    [post_content] => Brahmani River Pellets Ltd (BRPL) had an auction for the sale of 50,000 t of iron ore tailings (Fe 51-54%) produced at Tanto, beneficiation plant in Odisha, on 19 Feb'24. As per sources, 30,000 t of the material got booked at the floor price of INR 1,500/t. Price is on ex-mines/plot loaded onto truck basis and includes royalty, DMF and NMET.
                    [post_title] => India: Buyers book 30,000 t of iron ore tailings in BRPL's auction from Odisha
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                    [post_content] => State-owned KIOCL has floated a tender for exports of 50,000 t of iron ore pellets (Fe63%, 8% Al2O3 + SiO2). The due date for submission of bids is 2 pm of 21 Feb'24 and has been floated only for KIOCL's empanelled customers. India's pellet exports stood at around 10.80 mnt in CY'23, as data maintained with Bigmint shows.
                    [post_title] => India: KIOCL floats 50,000 t pellet export tender
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                    [post_content] => Ship-breaking melting scrap prices in Gujarat's Alang market inched up by INR 200/t d-o-d on 20 Feb'24, as per BigMint's assessment. HMS (80:20) prices were assessed at INR 34,200/t exy. Trade activity and prices of semi-finished and finished steel improved in the late hours of yesterday's trading session along with active buying interest for scrap prompted suppliers to hike their offers today.
                    [post_title] => India: Melting scrap prices inch up by INR 200/t in Alang
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                    [post_content] => <ul>
 	<li><em><strong>Players prefer direct sales over auctions</strong></em></li>
 	<li><b><i>Exhausting EC limits for the FY'24</i></b></li>
</ul>
Iron ore e-auction sales volumes in Karnataka decreased by 21% m-o-m to 0.96 million tonnes (mnt) in January 2024 from 1.22 mnt in December 2023, as per BigMint data. Out of the total volume of iron ore sold via auctions, 564,000 tonnes (t) fines, and 393,000 t lumps were sold during the month.

Miners are significantly opting for direct sales instead of participating in auctions. However, the decline in sales is linked to the depletion of Environment clearance (EC) limits from Karnataka miners, leading to a shortage of raw materials, which is also evident as the financial year end approaches.

<strong>Sales rise by 4% in NMDC's auction -</strong> NMDC, India's top iron ore miner, auctioned 740,000 t from Karnataka in January 2024, higher by 4% m-o-m as against 713,000 t in December 2023. Out of the total volume of iron ore, 264,000 t of fines, and 476,000 t of lumps were sold during the month.

<strong>Other miners' iron ore sales via auction outcomes:</strong>

<strong>KSMCL</strong> emerged as the second-leading miner by selling 104,000 t of iron ore via auctions in Jan'24. However, sales recorded a marginal drop of 76% against 435,000 t in December, 2023.

<strong>SMIORE</strong> sold 65,000 t of iron ore in January 2024, a rise of 23% m-o-m against 53,000 t in December 2023.

<strong>SKMEPL</strong> recorded 44,000 t of iron ore sales in January 2024 against 4,000 t in December 2023.

<strong>U Krishna Prasad</strong> sold 4,000 t of iron ore in January 2024 , whereas, no auction was held in December 2023.

<img class="alignnone wp-image-520927 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/MicrosoftTeams-image-2024-02-20T111146.104.jpg" alt="" width="1200" height="600" />

<strong>Iron ore prices remain stable m-o-m:</strong> The monthly weighted average prices of iron ore lumps and fines remained stable m-o-m. Weighted average prices of Fe 60% fines stand at INR 4,150/t and that of Fe 63% lump prices at INR 5,150/t (excluding taxes).

<img class="alignnone wp-image-520752 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Karnataka-Iron-Ore-E-Auction-Prices-Aug20-Jan24-1-1.jpg" alt="" width="1200" height="600" />
                    [post_title] => India: Karnataka's iron ore e-auction sales volumes drop by 21% m-o-m in Jan'24
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                    [post_date] => 2024-02-20 11:09:00
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                    [post_content] => OMC conducted an auction for 1.546 mnt of iron ore fines (Fe 54-65%) on 19 Feb'24. The entire quantity was booked at INR 3,910-5,850/t. Bids increased by INR 100-1,050/t against the base prices. However, bid prices fell up to INR 850/t for the majority of lots against OMC's Jan auction owing to a drop in pellet offers in central and eastern India.
                    [post_title] => India: Over 1.5 mnt of iron ore fines sold in OMC's auction
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                    [post_modified] => 2024-02-20 11:09:00
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            [39] => WP_Post Object
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                    [post_date] => 2024-02-20 10:41:52
                    [post_date_gmt] => 2024-02-20 05:11:52
                    [post_content] => BigMint's billet index inched up by INR 100/t at INR 39,350/t exw-Raipur on 19 February, 2024. About 2,950 t of transactions were recorded on 19 February as against 1,700 t on 17 February.

According to BigMint's report dated 19 February, 2024, the index for domestic steel scrap (end-cutting) in Mandi Gobindgarh surged by INR 300 per tonne (t), reaching INR 37,400/t on a delivered-at-plant (DAP) basis.

Indian sponge iron prices witnessed a modest uptick ranging from INR 50-200/t in almost all key locations. About 13,200 t of sponge iron transactions were recorded in the country on 19 February compared to 21,800 t on 17 February.

The below sheet summarises confirmed trades/offers of iron and steel products collected by SteelMint to help our users keep track of day to-day trade dynamics.

<img class="alignnone wp-image-520912 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Morning-Brief-20Feb.jpg" alt="" width="1500" height="2417" />

<img class="alignnone size-full wp-image-226423" src=" https://www.steelmint.com/fileForMail/banner-Insight.png " alt="" width="800" height="200" />
                    [post_title] => BigMint's Daily Trade Sheet - 19 Feb'24
                    [post_excerpt] => 
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                    [post_name] => bigmints-daily-trade-sheet-19-feb24
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                    [post_modified] => 2024-02-20 10:41:52
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                    [post_date] => 2024-02-20 09:51:08
                    [post_date_gmt] => 2024-02-20 04:21:08
                    [post_content] => <ul>
 	<li><em><strong>Supply crunch, higher domestic prices drive EU demand</strong></em></li>
 	<li><em><strong>ME, SE Asia markets prefer cheaper Chinese material</strong></em></li>
 	<li><em><strong>Indian steel exports may see hurdles in current calendar</strong></em></li>
</ul>
<strong>Morning Brief:</strong> India's steel exports in calendar 2023 (CY'23) were driven by the European Union (EU) which showed a substantial y-o-y growth. However, India's overall volumes fell 22% in CY'23 to around 8 million tonnes (mnt) against 10 mnt in CY'22 because most of the other key importing geographies showed sharp y-o-y declines.

<a href="https://www.steelmint.com/fileForMail/Indias-region-wise-steel-exports-in-2023.pdf"><strong>Country-wise break-up</strong></a>

<strong>Multiple factors boost exports to EU:</strong> This geography showed a considerable 44% increase y-o-y to almost 4 mnt in CY'23 against 2.75 mnt in CY'22.

<strong>Several factors helped to push up the volumes here.</strong>

One was the increase in quotas for India post-the sanctions imposed on Russian steel exports to the EU. Secondly, mills received higher realisations in the well-paying EU market and thus concentrated more here. Indian HRC export offers to the EU were at a yearly average of around $726/t, CNF EU in 2023 - much higher than those realized in the Middle East or Southeast Asian markets.

Thirdly, the EU's domestic steel prices rose amid an increase in the cost of production. Plus, many of the key mills shut down some of their blast furnaces due to carbon emission issues, which decreased supply. In fact, worldsteel data reveals that the EU-27's crude steel production fell 7.4% in CY'23, creating a case for the price hikes. In general, tradeable prices for HRCs in northern Europe in September 2023 were hovering at $676-697/t ex-works whereas in November last year these rose to around $727-748/t and in February 2024, further to $797-818/t in dollar parity.

Lastly, the US, a major market for the EU, offered good prices which also encouraged end-buyers in the latter to import from India, Vietnam etc, and value add for further sales to the US.

<strong>China lures away Middle East buyers with cheaper offers:</strong> This region, which recorded the highest volumes of steel exports from India in CY'22, at over 3.30 mnt, saw the same plunging 50% to a little over 1.60 mnt in CY'23. This was mainly because China had captured this market and how! Chinese steel exports to Middle East (ME) and Africa rose 44% y-o-y to 26 mnt in CY'23. ME buyers favoured Chinese materials because of the price factor. These averaged $625/t CNF Abu Dhabi last year compared to the Indian average of $663/t CNF Jebel Ali (Dubai), cheaper by $38/t.

Of course, China had been a prolific exporter last year, goaded by inadequate demand and falling prices at home.

<strong>Drop in Vietnam's imports pulls down SEA volumes:</strong> Exports from India to Southeast Asia fell a staggering 67% to a mere 0.57 mnt last year compared to 1.74 mnt in CY'22. Here too China played a key role in taking away a traditional market like Vietnam from India with aggressively low offers.

India steel exports to Vietnam - 0.32 mnt in CY'23, down over 70% y-o-y. In this period, exports from China to Vietnam rose 70% to 9.25 mnt (5.50 mnt in CY'22). Interestingly, Vietnam had seen imports from India even crossing 0.20 mnt in certain months alone in 2021.

Although Vietnam's own domestic market was dull, it was exporting decent volumes of HRCs as well as value-added products to the EU, US, Mexico and other countries without resorting to dumping, a source informed BigMint.

<strong>Outlook</strong>

CY'24 is likely to emerge as a challenging year for Indian mills in terms of exports and for multiple reasons. One, China may continue to remain an aggressive exporter in the current calendar, if its home demand and prices fail to pick up. Two, even though the EU offered solace in terms of decent imports last year, the quotas do act as a barrier for Indian mills. Plus, the full implications of the carbon border adjustment mechanism (CBAM) are still being studied and the same may also have limiting aspects for Indian mills, going forward. CBAM is a EU carbon tariff and will see full-fledged implementation from 2026 but the process kicked in from October 2023. Three, Indian mills will be expanding capacity in the near future which will increase supply and may force mills to eye exports in what may still be a highly competitive environment. Lastly, Southeast Asia, which was predominantly an importing geography, is seeing capacity additions, a scenario that may alter market dynamics and impel it to become an exporting entity and compete with India.

<img class="alignnone size-full wp-image-520895" src="https://aws.steelmint.com/wp-content/uploads/2024/02/IMG-20240220-WA0003.jpg" alt="" width="1600" height="566" />
                    [post_title] => India's steel exports fall over 20% in CY'23; EU highest importer
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                    [post_modified] => 2024-02-20 09:51:08
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                    [post_date] => 2024-02-19 22:33:47
                    [post_date_gmt] => 2024-02-19 17:03:47
                    [post_content] => Today at OMC's chrome ore auction, entire material of 56,000t from South Kaliapani and Sukrangi mines was sold at high premium of around INR 5,500-13,000/t from floor price. Sources reported that aggressive bidding occurred during the auction due to the combination of high demand and limited supply of chrome ore. The bid price has increased by INR 419-4,992/t from Jan'24 auction's bid price.
                    [post_title] => India: Buyers secure entire quantity at high premium at OMC's chrome ore auction
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                    [post_name] => india-buyers-secure-entire-quantity-at-high-premium-at-omcs-chrome-ore-auction
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                    [post_modified] => 2024-02-20 10:48:09
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                    [post_content] => OMC conducted an auction for 1.24 mnt of iron ore lumps (Fe 58-62%) on 19 Feb'24. Buyers booked 1.09 mnt (88% of the offered quantity) of lumps. Majority of the lots were booked at base prices, while bids increased by INR 50-1,700/t over the base price for some lots. However, bid prices fell by up to INR 700/t against those fetched in the Jan'24 auction, owing to drop in sponge iron prices.
                    [post_title] => India: Over 85% of iron ore lumps fetch bids at OMC's auction
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                    [post_name] => india-over-85-of-iron-ore-lumps-fetch-bids-at-omcs-auction
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                    [post_modified] => 2024-02-19 23:24:01
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                    [post_date] => 2024-02-19 19:40:08
                    [post_date_gmt] => 2024-02-19 14:10:08
                    [post_content] => Today, the South Asian ferrous scrap market continued to experience sluggish activity. Indian buyers continued to refrain from booking fresh scraps due to significant price disparities. Pakistani and Bangladeshi buyers were active, with a few deals reported, but the volume remained low due to delays in payments and issues with LC opening.

Shredded scrap offers increased by $1-3/t in India and Bangladesh, while remaining unchanged in Pakistan. US bulk HMS (80:20) offers decreased by $2/t.

<strong>Market overview</strong>

<strong>India: </strong>In India, market activities remained limited as buyers continued to prioritize domestic scrap procurement over imports due to significant price disparities. Indicative offers for shredded scrap from Europe were evaluated at $415-420/t CFR Nhava Sheva, while HMS (80:20) were assessed at $390-395/t CFR.

According to a trader, <em>"The Indian market remains subdued for new bookings, with offers from Europe and the US unable to match the pricing competitiveness seen in the Turkish market ($410-415/t) and Pakistani offers ($440-445) for container shipments. Indian mills are hesitant to exceed $405-410 for shredded scrap."</em>

Another trader commented, <em>"Finding a new inquiry is rare, especially given the lack of support in the steel market."</em>

<strong>Pakistan: </strong>Today, the demand for imported scrap in Pakistan was observed to be moderate. Indicative offers for shredded scrap from Europe were evaluated at $440-445/t CFR Qasim. Meanwhile, shredded scrap offers from the Middle East ranged from $442-445/t CFR, and for HMS, it stood at approximately $410-415/t CFR.

According to an official from a steel mill, "The market is very sluggish both locally and internationally. Additionally, there is a shortage of payments as well. Imported scrap offers varied in the range of $440-445/t depending on the yard and origin."

In the domestic market, local scrap prices were reported at PKR 173,000-180,000/t ($625-650/t) ex Punjab, while rebars were priced at PKR 255,000-260,000/t ($921-939/t) and billets at PKR 230,000/t ($831/t) ex.

<strong>Bangladesh: </strong>Today in Bangladesh, the demand for imported scrap was slow, attributed to delays in LC approvals and tardy payments from buyers. Indicative offers for shredded scrap from Europe were assessed at $435-440/t CFR Chattogram, with HMS (80:20) priced at $410-415/t CFR.

Bulk offers from Australia hovered around $420/t CFR for HMS (80:20) and approximately $430/t CFR for shredded scrap.

A trader noted, <em>"LC openings are sluggish, taking at least 40 days. We expect improvement from June onwards. Only major producers can manage payments within 5 working days; others are slower."</em>

<strong>Turkiye: </strong>The prices for Turkish imports of ferrous scrap have seen a slight decline of approximately $2/t after recent transactions. Three deals have been reported over the past 2-3 days, outlined as follows:
<ul>
 	<li>A West-Marmara region-based mill booked HMS (80:20) cargo at $414/t CFR from the USA.</li>
 	<li>The same mill also booked Poland (Baltic origin) cargo at $409.5/t, comprising 25,000 t of HMS (80:20) scrap.</li>
 	<li>An Aegean region-based mill booked a UK-origin bulk HMS (80:20) cargo at $410/t on a CFR basis.</li>
</ul>
<strong>Recent deals</strong>
<ul>
 	<li>Around 1,000 t of HMS (80:20) scraps were sourced from Australia at $412/t CFR Chattogram.</li>
 	<li>A parcel of 1,500 t of NTP scraps were booked from Thailand at $440/t CFR Chattogram.</li>
 	<li>Approximately 500 t of HMS (80:20) were booked from Australia at $383/t CFR LCB.</li>
 	<li>About 1,000 t of shredded scraps were booked from Australia at $403/t CFR LCB.</li>
 	<li>A small parcel of 250 t of LMS scraps were sourced from Brazil at $385/t CFR Qasim.</li>
 	<li>Approximately 250-t of busheling scraps were purchased from Brazil at $445/t CFR Qasim.</li>
</ul>
<strong>Price assessments</strong>

<strong>India:</strong> UK-origin shredded scrap indicatives were assessed at $417/t CFR Nhava Sheva, up by $1/t compared to last closing on Friday.

<strong>Pakistan:</strong> UK-origin shredded scrap indicatives were assessed unchanged at $440/t CFR Qasim.

<strong>Bangladesh:</strong> UK-origin shredded scrap prices were assessed at $435/t CFR Chattogram, up by $3/t.

<strong>Turkiye:</strong> US-origin HMS (80:20) bulk prices were assessed at $413/t CFR Turkiye, down by $2/t compared to last closing on Saturday.

<strong>Outlook</strong>

In the major South Asian market, imported ferrous scrap offers are expected to remain volatile due to prevailing market sentiments. Indian buyers are expected to resist until offers reach their desired levels of $400-410/t CFR. Pakistani buyers are anticipated to remain active due to shortages in the domestic market, although the pace may be slow due to delayed payments stemming from recent elections.

<img class="alignnone size-full wp-image-520874" src="https://aws.steelmint.com/wp-content/uploads/2024/02/Sa-trade-19-2-24.png" alt="" width="1217" height="1645" />
                    [post_title] => South Asia: Imported ferrous scrap offers rise by up to $3/t in India, Bangladesh
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                    [post_content] => Turkish import prices for ferrous scrap fell by $2/t in deals recorded over the past 2-3 days.
<ul>
 	<li>A West-Marmara region-based mill secured an HMS (80:20) cargo from the USA at $414/t CFR.</li>
 	<li>The same mill booked a Poland-origin bulk scrap cargo of 25,000 t of HMS (80:20) scrap at $409.5/t.</li>
 	<li>Also, an Aegean region-based mill procured a bulk HMS (80:20) cargo from the UK at $410/t CFR.</li>
</ul>
                    [post_title] => Turkiye: Imported ferrous scrap prices drop in recent deals
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            [45] => WP_Post Object
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                    [post_date] => 2024-02-19 19:28:56
                    [post_date_gmt] => 2024-02-19 13:58:56
                    [post_content] => According to BigMint's report dated 19 February, 2024, the index for domestic steel scrap (end-cutting) in Mandi Gobindgarh surged by INR 300 per tonne (t), reaching INR 37,400/t on a delivered-at-plant (DAP) basis. Additionally, the local steel market is grappling with a scrap shortage.

In the region, steel ingot prices increased by INR 150/t to reach INR 42,800/t during the reporting and price normalization. Concurrently, prices in various prominent markets also saw an uptick, ranging from INR 50/t to INR 250/t today.

<span style="text-decoration: underline"><strong>Factors influencing steel scrap prices in Mandi Gobindgarh:</strong></span>

<strong>Supply Chain Disruption:</strong> The protests and border seal can disrupt the transportation of raw materials and finished products to and from the steel mills. This disruption can lead to delays in production schedules and affect the overall efficiency of operations. Furthermore, with the majority of mills operating round the clock, there has been a surge in demand for local scrap, resulting in a shortage in the market.

<strong>Low bookings of imported scrap:</strong> Currently, Mandi steel mills and local scrap traders are maintaining silence in response to price disparities in imported scrap, opting instead to focus on procuring domestic scrap.

<span style="text-decoration: underline"><strong>Raw materials price update</strong></span>

In Mandi, there was an increase in sponge iron (CDRI) prices by INR 200 per tonne, reaching INR 31,200 per tonne. Meanwhile, pig iron (steel grade) prices in Ludhiana remained stable at INR 39,500 per tonne on a delivered-at-plant (DAP) basis.

<span style="text-decoration: underline"><strong>Imported scrap market</strong></span>

In India, market activities remained limited as buyers continued to prioritize domestic scrap procurement over imports due to significant price disparities. Indicative offers for shredded scrap from Europe were evaluated at $415-420/t CFR Nhava Sheva.

According to a trader, "The Indian market remains subdued for new bookings, with offers from Europe and the US unable to match the pricing competitiveness seen in the Turkish market ($410-415/t) and Pakistani offers ($440-445) for container shipments. Indian mills are hesitant to exceed $405-410 for shredded scrap."
Another trader commented, "Finding a new inquiry is rare, especially given the lack of support in the steel market."

<span style="text-decoration: underline"><strong>Overview of other market</strong></span>

On 19 February, 2024, there was no change in ship-breaking melting scrap prices in Alang, <strong>Gujarat</strong>, as reported by BigMint. The market saw HMS (80:20) prices holding steady at INR 34,000/t ex-yard. Despite moderate buying inquiries for semi-finished and finished steel in the region during the last trading session, scrap suppliers opted to keep their offers unchanged today.

The steel market in <strong>Raipur</strong> experienced moderate trading activity, with prices of semi-finished and finished steel showing an increase today. The price of billets rose by INR 100/t to reach INR 39,350/t, while the price of rebar (Fe500) increased by INR 100/t to reach INR 42,800/t ex-works.

<span style="text-decoration: underline"><strong>Price highlights</strong></span>

<strong>End-cutting and billets spread:</strong> In Mandi, the end-cutting scrap and billets spread was at INR 5,000-5,500/t.

<strong>Domestic Vs imported scrap:</strong> Imported melting scrap prices at Nhava Sheva Port were at around $385-$389/t, which equates to approximately INR 34,496/t (including freight),while local scrap-HMS (80:20) prices in Mumbai remained stable at INR 32,500/t d-o-d.

<strong>Raipur sponge iron-billet spread:</strong> The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 12,900/t.

<img class="alignnone size-full wp-image-520871" src="https://aws.steelmint.com/wp-content/uploads/2024/02/nn.png" alt="" width="877" height="976" />
To see SteelMint's melting scrap assessment, pricing methodology and specification documents, <a href="https://wp-insights-sm.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/India_Domestic_Scrap_Methodology_version_1.05-Mar-2023-1.pdf">Click here</a>

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact - info@steelmint.com.

<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" /></a>
                    [post_title] => India: BigMint's scrap index continues to rise amid supply concerns
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                    [post_modified] => 2024-02-19 19:28:56
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            [46] => WP_Post Object
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                    [post_date] => 2024-02-19 19:24:55
                    [post_date_gmt] => 2024-02-19 13:54:55
                    [post_content] => The Vietnamese imported ferrous scrap market remained subdued after the Lunar New Year holidays, with minimal activity reported. Japanese offers also encountered sluggish demand, influenced by the fluctuating JPY against the USD.

According to sources, US-origin HMS (80:20) bulk scrap prices were stable, ranging between $410-415/t, while H2 scrap indicatives hovered around $400-405/t CFR Vietnam.

Towards the end of the week, no offers or bids were observed for H2 scrap in imported bulk cargoes, as confirmed by a Japanese trader.

Market transactions were minimal due to the Lunar New Year holidays in Vietnam and Taiwan. Additionally, limited scrap purchases by South Korea are not expected to have significantly impacted prices.

<strong>Currency exchange:</strong> Globally, the dollar exhibited stability on Monday amidst recent data indicating sustained US inflation, raising uncertainties regarding the Federal Reserve's future monetary policy. Meanwhile, the JPY remained near the significant 150 per USD level, prompting attention from officials amid concerns over currency movements and potential intervention by the authorities.

The current exchange rate stability could shift if the Fed maintains high rates, potentially leading to volatility in the domestic market. The US dollar is strengthening globally, driven by positive signals from the US economy and geopolitical tensions. In Vietnam, the State Bank of Vietnam (SBV) has set the central rate at VND 23,971 per USD, but unofficial market rates have surpassed VND 25,000.

Experts anticipate increasing pressure on the VND/USD exchange rate in the first quarter, influenced by factors such as US economic indicators and geopolitical instability. Despite global challenges, Vietnam's foreign exchange reserves remain ample at around $95-96 billion, allowing the SBV to respond effectively to market dynamics.

Pomina Steel Corporation (POM) has announced plans for an extraordinary general meeting (EGM) to propose a restructuring plan. The company aims to restart its blast furnace in the fourth quarter of 2024, following a period of inactivity, in preparation for the anticipated recovery of real estate projects later in the year.

The EGM, scheduled for 1 March, 2024, will also include a proposal to increase investments for the blast furnace project at Pomina 3 branch to VND 5.9 trillion ($245.8 million) from nearly VND 5 trillion, representing an increase of over VND 900 billion.

<strong>Outlook: </strong>Import activity in Vietnam is expected to maintain a modest level following the holiday season, supported by steady collections from the US. However, bulk prices from Japan may experience fluctuations due to the near-term weakness of the Japanese yen.
<a href="https://www.steelmintevents.com/6th-india-international-dri-summit-2024/"><img class="alignnone size-full wp-image-226423" src="https://www.steelmint.com/fileForMail/banner-Insight.png" alt="" width="800" height="200" /></a>
                    [post_title] => Vietnam: Imported ferrous scrap prices remain stable amid post-holiday subdued steel demand
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                    [post_modified] => 2024-02-19 22:24:38
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                    [post_date] => 2024-02-19 18:58:06
                    [post_date_gmt] => 2024-02-19 13:28:06
                    [post_content] => <ul>
 	<li>Billet prices in Tangshan rose by RMB 80/t ($11/t) to RMB 3,630/t ($505/t) on 19 Feb'24 against 8 Feb'24. Prices include 13% VAT.</li>
 	<li>Stability in raw material and finished steel prices has kept billet prices supported. However, sharp drop in futures has pressurized billet prices</li>
 	<li>SHFE rebar futures (May'24 delivery) decreased by RMB 46/t ($6/t) to 3,808/t ($529/t) on 19 Feb against 8 Feb'24.</li>
</ul>
                    [post_title] => China: Steel billet prices rise by RMB 80/t ($11/t) after CNY holidays
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                    [post_name] => china-steel-billet-prices-fall-rmb-20-t-3-t-after-cny-holidays
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                    [post_modified] => 2024-02-20 18:26:35
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                    [post_date] => 2024-02-19 18:56:39
                    [post_date_gmt] => 2024-02-19 13:26:39
                    [post_content] => <em><strong>*IOCL lower RPC prices by INR 80/t due to international market, subdued demand, and refinery inventory.</strong></em>

<em><strong>*Prices for Bongaigaon refinery stood higher by INR 1,150/t compared to Digboi refinery.</strong></em>

Indian Oil Corporation Limited (IOCL) has slashed the prices of RPC (raw petroleum coke) by INR 80/tonnes (t), effective from 16 February, 2024. This marks the second revision in the month, with the previous adjustment occurring on 7 February, 2024, influenced by international market prices, subdued demand, and inventory levels at various refineries.

Interestingly, RPC prices at Koyali remained INR 80/t higher than at Barauni, in line with the 7 February revision. Koyali material is considered lower quality and was previously ranked lower than Barauni. However, there has been no regular sale or production of RPC for several months, and some stock has been held for an extended period. Sulphur content in RPC at Bongaigaon has gradually increased due to the use of imported crude, rising by up to 1.1 to 1.2%.

<img class="alignnone wp-image-520842 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/IOCL1212121212121-1-1.png" alt="" width="734" height="344" />

There was a quality differential of INR 500/t for each grade. The price of base Grade B was the lowest, and price of Grade A was higher by INR 500/t. Price of premium grade was further higher by INR 500/t as compared to Grade A. List prices of different grades of RPC from various refineries of IOCL are given below:

<img class="alignnone wp-image-520843 size-full" src="https://aws.steelmint.com/wp-content/uploads/2024/02/IOCl12121212-2-1.png" alt="" width="655" height="352" />

<strong>IOCL slashes fuel grade pet coke prices by up to INR 710/t for Feb'24</strong>

Indian Oil Corporation Limited (IOCL) has decreased fuel grade pet coke prices for Feb'24. Prices at Koyali refinery for road delivery fell to INR 11,670/t against last price of INR 12,380/t. Prices in Panipat refinery dropped to INR 12,780, Paradip to INR 10,820 and Haldia to INR 10,990/t. Rake prices have seen a decline of INR 660- 710/t at Koyali, Paradip, and Haldia.
                    [post_title] => India: IOCL implements second price reduction for pet coke in Feb'24
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                    [post_date] => 2024-02-19 18:56:03
                    [post_date_gmt] => 2024-02-19 13:26:03
                    [post_content] => JSW Steel Ltd conducted an auction for 98,750 t of iron ore fines (0-10 mm, Fe 54%) from its Jajang mines in Odisha on 19 Feb'24. As per sources, the entire quantity got booked at a bid price of INR 3,450/t, higher than the floor price set at INR 3,100/t. Prices were ex-mines/plot basis and inclusive of royalty, DMF, and NMET.
                    [post_title] => India: Around 100,000 t of low-grade iron ore fines fetches premium in JSW's auction
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                    [post_name] => india-around-100000-t-of-low-grade-iron-ore-fines-fetches-premium-in-jsws-auction
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            [post_date] => 2024-02-20 19:58:09
            [post_date_gmt] => 2024-02-20 14:28:09
            [post_content] => BigMint's India HRC (SAE 1006) export index (for the Middle East and Vietnam) remained stable w-o-w at $597/tonne (t) FOB east coast India. Export offers to the Middle East remained unchanged w-o-w, ranging from $630-635/t CFR. However, offers to Europe dropped amid sluggish domestic demand in the EU. In addition, China's Shanghai Futures Exchange experienced a significant decline in prices following the Lunar New Year holidays.

<strong>Market updates:</strong>

<strong>1. Indian HRC export offers to EU decline:</strong> Indian HRC exports to Europe (S275, 3mm) declined by around $5/t w-o-w. Current offers are around $700-705/t CFR Antwerp ($650-655/t FOB east-coast India) against $705-710/t CFR Antwerp last week. Europe's hot-rolled coil market is in a slump, with slow demand and prices hovering around EUR 700/t ex-works ($756/t). Importers are hesitant due to long lead times, readily available domestic supplies, and uncertainty over upcoming safeguard quota. Buyers are holding back, keeping trading sluggish in an already stagnant market. Also, Indian HRC export market has turned slow after exhaustion of quota for Q1.

<strong>2. Indian HRC exports to ME steady:</strong> Indian HRC export offers to the Middle East held steady this week, staying within the range of $630-635/t CFR. Meanwhile, Chinese HRC prices remained range-bound ranging at $600-610/t CFR UAE. However, SHFE HRC futures declined on 20 February, falling from RMB 3,978/t ($553/t) before the Lunar New Year holidays to RMB 3,916/t ($544/t). Vietnamese HRC offers also saw a slight dip, settling at $630-635/t CFR UAE. Furthermore, "prices are currently stable, but the outlook remains uncertain", says an ME based source.

<strong>3. Slow market activities in Vietnam post-holidays:</strong> Market participants in Vietnam have returned after Tet holidays. However, trade activities remained low amid lower domestic demand. Moreover, market participants are waiting for Formosa Ha Tinh (FHS) price revision. No firm offers reported from India recently, last heard offers were around $610-615/t CFR HCMC.

<strong>Outlook:</strong>
Global market sentiments are expected to remain weak as Chinese SHFE HRC prices dropped sharply post-holidays. Moreover, EU import offers are cheaper than domestic alternatives, but long lead times, shipping disruptions and import quotas may limit export trade activities from India.
            [post_title] => BigMint: India HRC export market quiet, offers to EU fall w-o-w
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            [post_modified] => 2025-09-10 19:29:59
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