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India long product steel prices inch up; China steady given New Year festival
Long product (TMT Mumbai) prices were up 4% WoW. Sponge iron prices rose ~7% WoW, while scrap prices increased ~4% WoW. Domestic iron ore prices were unchanged. Pellet prices were up ~4% WoW. Domestic HRC prices were up ~1% WoW. Export and import price offers were largely unchanged.
Iron ore prices (China CFR) were unchanged. Thermal coal prices were down ~4% WoW. Coking coal prices were unchanged WoW. China’s pellet import prices increased 4% WoW. Chinese graphite electrode prices declined 4% WoW.
HRC prices were largely unchanged. CIS HRC export prices were up 3% WoW. Rotterdam scrap prices were up ~10% WoW.
China steel prices:
Chinese local rebar and HRC prices were unchanged due to lack of transactions on account of the Chinese New Year festival . Export price of rebar & HRC were also unchanged WoW.
Aluminum (cash LME) was slightly lower. Alumina prices were up 4% WoW. Copper (cash LME) was up ~2% WoW. Zinc (cash LME) was down ~2% WoW. Lead (cash LME) was down ~1% WoW. Brent crude prices were down ~1% WoW.
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