| News - 30 Jul, 2010 |
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| 1. Speculators playing major role in upheaval in Chinese steel market - 30 Jul, 2010 | Top |
In the recent week, the rebound of Chinese steel market was so dramatic that the pushing forces behind the rebound are more or less neglected by people. However, lots of analysts have perceived speculations in the rebound.
As of July 28, statistics of major steel advisory agencies all suggest that the rally has covered all steel species, especially rebar and high wire rod. If the trend continues, the steel price increase is expected to go beyond the past record high of 8%.
Anyhow, there is no sales surge following the price rally, not even in major steel markets like Beijing, Shanghai and Guangzhou.
Speculation factor emerges
As disclosed by a Beijing trade, Beijing market is now hoarding goods on a large scale. In June, steel foreign trade was gradually recovering, and then some traders began storing up small quantity of goods, waiting for export of domestic sales. That is the real reason behind the price rally in Beijing market in recent days.
While in Shangdong market, the speculation on iron ore, and the provincial government control on backward production capacity directly push up the steel price.
In the coming end of July, iron ore price negotiation is about to start. As the three iron ore giants are advocating for quarterly-pricing and index-linked pricing, the price rise of steel will surely increase the bargaining chips of the them, so the three giants also have motive to push up steel price in the recent period.
It is also noticeable that in Guangdong steel market, the price of construction steel is experiencing the fastest rising. Except for the good news brought about by the constructing needed for the Asian Games, the betting on the change of the real estate control policy is also playing an important role in the rally.
In a word, speculations are an invisible hand behind the recent rebound of Chinese steel price.
www.steelprices-china.com is a comprehensive service for tracking real time domestic steel prices and trends in China on daily basis.
The scope of service includes
1. Domestic pricing information in China
2. Export levels from Turkey, Rotterdam, China, India and Black Sea
The service is specifically designed to assist steel makers, traders, users and others connected with the industry to keep track of real time prices prevailing in the market and thus comprehensively evaluate steel pricing trends in the trend setting region
Methodology and access
1. Benchmark products in each category with fixed commonly used sizes and grades
2. Average transaction levels which have settled well, based on continuous interactions with domestic mills and traders
4. On fixed market oriented payment terms
5. Daily updates
6. Data available since July 2008
5. Access through web site
Products covered
1. Input materials and semis
2. Long Products
3. Flat Products
5. FOB levels for export FOB Black Sea, China, Turkey and India
Other features
The prices are displayed on weekly and monthly basis. They also have search facilities to access old data from the archives. Graphical representation of trends and comparison of price movement 2 or more products is also available.
In addition, you can monitor currency exchange rates, metal prices, BDI for the day as well as access their archives for past data.
Other features include converters for weight, length etc, glossary and advanced search functions. The benchmark product price information is supplemented by global pricing news.
Subscription charges for 12 months period
| Currency | Single | 2-5 | 6-12 | 13-25 | 26-40 | 40-60
| | In CNY | 5,500 | 11,000 | 17,600 | 33,000 | 55,000 | 220,000
| | In USD | 825 | 1,650 | 2,750 | 5,500 | 8,250 | 11,000 |
How to subscribe
1. Register at www.steelprices-china.com and pay on line or ask for invoice
2. Send mail to admin@steelprices-china.com.
(Sourced from www.steelprices-china.com)
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| 2. YUSCO raise stainless steel price for August - 30 Jul, 2010 | Top |
Taiwan's Yieh United Steel Corporation has announced a price rise of USD 100 to USD 150 per tonne for stainless steel exports for the first half of August 2010.
The company's domestic prices for 300 grade stainless steel will raise by TWD 2,500 per tonne, while prices for 400 series products will remain unchanged.
YUSCO cut its production by 15% in July 2010, which had some effect in supply in the market.
(Sourced from YIEH.corp)
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| 3. Emirates Steel nears USD 2 billion financing deal - 30 Jul, 2010 | Top |
MEED reported that Emirates Steel Industries is aiming to complete USD 1.5 billion financing before mid August to avoid having to seek another extension to USD 700 million loan that is due to be repaid. The company has put in place a bank group for the USD 1.5 billion loan and is currently finalizing documentation.
One source said that there is not a lot of work left to be done on the documentation of the new deal, but if it is not done in time they will have to get another extension to the bridge loan.
A source confirmed that bank commitments are all in place and the deal is progressing towards financial close.
The USD 1.5 billion financing is split between USD 733 million commercial loan provided by Abu Dhabi's Union National Bank, National Bank of Abu Dhabi and First Gulf Bank. India's Bank of Baroda, Bahrain's Arab Banking Corporation, Qatar's Al Khaliji and its subsidiary BLC Bank. The UAE banks are providing loans denominated in dirhams, while the rest of the banks are funding the loans in dollars. The company is also raising USD 600 million working capital facility form the lenders.
A USD 367 million Islamic loan is being provided by two UAE based banks, Abu Dhabi Islamic Bank and Al Hilal with an additional tranche of around USD 500 million tranche from Italian export credit agency Sace and funded by a group of international banks. France's Natixis is acting as financial adviser to Emirates Steel. The Sace covered loan will be used to repay General Holding Corporation, the parent company of Emirates Steel, for additional cash that it has put into the steel production facilities at Mussafah.
Natixis put in place the USD 700 million bridge loan in May 2008, hoping that by its maturity in November 2009, the banking market would have recovered from the impact of the financial crisis. The lack of appetite for project finance deals continued and Emirates Steel was forced to extend the repayment of the bridge loan in October 2009.
(Sourced from MEED)
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| 4. Indian flat steel products market in an extended impasse - 30 Jul, 2010 | Top |
Flat product market in India is on an extended dry run for the last 4 months. Domestic and international market sentiments continue to languish with minor hiccups and the fundamentals have largely remained unchanged.
The mills have seen their sales volume plummeting by about 60% MoM due to lack of buying. Stockiest are maintaining stocks of not more than a week whereas buying absolutely need based.
The price levels in Delhi for HRC INR 34000 per tonne to IN 34500 per tonne plus VAT there are hardly takers. Moreover down the value chain CRC prices from major mills are prevailing in the range of INR 41500 per tonne to INR 42000 per tonne plus VAT is at odds with from re rollers whose material is available at INR 39000 per tonne plus VAT.
Likewise the sentiments are replicated at Bangalore and Mumbai. The HRC levels in Bangalore INR 34000 per tonne plus VAT whereas Mumbai at INR 34750 per tonne plus VAT. Mumbai being the epicenter of import is always at a disadvantage. It is reported that imported stock to the tune of 200,000 tonnes remains un liquidated annulling any scope of revival.
Although mills have been rolling over the prices month on month deceiving with lucrative rebate and discounts the exercise has proved to be futile. Market is eagerly awaiting price reduction by INR 1000 per tonne to INR 1500 per tonne to bounce back.
Every cloud has a silver lining. With the waning of monsoon once the project work resumes the demand will improve providing reprieve. Currently import offers are coming at USD 620 per tonne to USD 625 per tonne are having no takers. Booking is expected to resume around mid August for material likely to arrive in the early October the peak season for consumption.
www.steelprices-india.com is a comprehensive portal that provides domestic pricing information for benchmark steel products in each category at select location in India on a regular basis 5 days a week and international price levels on a weekly basis.
As steel in each category comes in hundreds of grades shapes and sizes, we have taken benchmark products in each category at select locations to cover the entire basket of garden variety of steel products including input material for steel making and processing.
Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
2. Long products - Rebar, wire rod, angle, channel and joists
3. Flat products - Narrow plates, wide plates, HR, CR and galvanized
4. Others - Pipes
Methodology and access
1. Benchmark products in each category with fixed commonly used sizes and grades
2. Base prices or effective, as per market trends
3. Average transaction levels which have settled well, based on continuous interactions with domestic mills, overseas suppliers, importers stockiest & service centers and buyers
4. On fixed market oriented payment terms
5. Daily updates
6. Data available since July 2008
5. Access through web site
Price basis
Without ED and VAT for all products except for rebar and sections
Other features
The prices are displayed on weekly and monthly basis. They also have search facilities to access old data from the archives. Graphical representation of trends and comparison of price movement 2 or more products is also available.
In addition, you can monitor currency exchange rates, metal prices, BDI for the day as well as access their archives for past data.
Other features include converters for weight, length etc, glossary and advanced search functions. The benchmark product price information is supplemented by global pricing news.
Subscription charges for 12 months access
| Currency | Single | 2-5 | 6-12 | 13-25 | 26-40 | 40-60
| | INR | 66,000 | 132,000 | 220,000 | 440,000 | 660,000 | 880,000
| | USD | 1,650 | 3,300 | 5,500 | 11,000 | 16,500 | 22,000 |
How to subscribe
1. Register at www.steelprices-india.com and pay on line or ask for invoice
2. Send mail to admin@steelprices-india.com.
3. Call at 0091-124-3007891/2/3
(Sourced from www.steelprices-india.com)
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| 5. Iron ore spot price cruises amidst curtailed availability from India - 30 Jul, 2010 | Top |
Spot iron ore prices from India have surged by a whopping USD 10 per tonne in just over a week. The reasons for this turnaround can primarily be imputed to enhanced buying by Chinese mills and curtailed supply from India with the onset of monsoon and ban on exports from Karnataka.
After the unexpected revival in Chinese domestic levels in the last 10 days hectic activity ignited both in the spot and swaps market.
Current transactions levels for an average size cargo 75000 tonnes 63.5%/63% are reported at USD141 per tonne to USD 143 per tonne CFR China.
But current offer levels are in the range of USD 143 per tonne to USD 145 per tonne as traders are holding on to the stocks expecting the prices to go up.
On the flip side the hiccups in domestic levels in China over the last couple of days has put a spoke in the wagon wheel.
Indian iron ore fines
FOB India
| Grade | Change %
| | Fe 63.5/63% | 8.9%
| | Fe 63.5/62.5% | 9.1%
| | Fe 63/62 % | 9.3%
| | Fe 62 / 61% | 11.0%
| | Fe 61 / 60 % | 13.0%
| | Fe 60/59 % | 16.9%
| | Fe 59 / 58 % | 18.4%
| | Fe 58 / 57% | 22.4%
| | Fe 57/56 % | 27.6%
| | Fe 56/55% | 28.0%
| | Fe 55/54 % | 34.1%
| | Fe 54/ 53 % | 34.3%
| | Fe 53/52 % | 16.7%
| | Fe 52/51 % | 20.0% |
Change is on July 29th 2010 as compared to July 19th 2010
The coming days will be crucial for iron ore spot as well as the swaps market. The sudden deceleration witnessed in steel price in China since 26th July has send jitters about the sustainability of this reprieve. The finished steel market is shuddering for stability despite fanciful analysis. It won’t be surprising if the iron ore prices take a dip towards the beginning of next week in view of caution by the traders.
With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.
This has galvanized us to start reporting domestic prices of iron ore at Barbil & Bellary and export prices on FOB Indian port.
Domestic iron ore spot pricing information updated 5 days a week whereas export spot prices FOB Indian port as and when they change
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to "Iron Ore Services" of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
Subscription charges for 12 months access
| Currency | Single | 2-5 | 6-12 | 13-25 | 26-40 | 40-60
| | In INR | 44,000 | 88,000 | 143,000 | 297,000 | 440,000 | 583,000
| | In USD | 1,100 | 2,200 | 3,630 | 7,260 | 11,000 | 14,300 |
How to subscribe
1. Register at www.steelprices-india.com and pay on line or ask for invoice
2. Send mail to admin@steelprices-india.com.
3. Call at 0091-124-3007891/2/3
(Sourced from www.steelprices-india.com)
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| 6. Indian steel price index reflects lull before storm - 30 Jul, 2010 | Top |
The Indian Long Product Price Index ILPPI went up by 6 points on July 29th 2010 whereas Indian Flat Product Price Index IFPPI remained flat. The overall Indian Steel Price Index INDSPI went up by 3 points
| Class | 28-Jul | 29-Jul | Change | %
| | ILPPI | 6785 | 6791 | 6 | 0.1%
| | IFPPI | 7601 | 7601 | 0 | 0.0%
| | INDSPI | 7174 | 7177 | 3 | 0.0%
|
ILPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index
Long Products
| Category | 28-Jul | 29-Jul | Change | %
| | PI - TMT | 6656 | 6669 | 13 | 0.2%
| | PI - WRC | 7140 | 7140 | 0 | 0.0%
| | PI - Angle | 6455 | 6460 | 5 | 0.1%
| | PI - Channel | 6550 | 6555 | 5 | 0.1%
| | PI - Joist | 6061 | 6069 | 8 | 0.1% |
PI - Product Index
Flat Products
| Category | 28-Jul | 29-Jul | Change | %
| | PI - Narrow Plates | 7143 | 7143 | 0 | 0.0%
| | PI - Wide Plates | 7600 | 7604 | 4 | 0.0%
| | PI - Hot Rolled | 7333 | 7333 | 0 | 0.0%
| | PI - Cold Rolled | 8416 | 8416 | 0 | 0.0%
| | PI - Galvanized | 8110 | 8110 | 0 | 0.0%
|
PI - Product Index
To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html
You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert
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(Sourced from www.steelprices-india.com)
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| 7. Wide steel plate price up in Mumbai on July 29 - 30 Jul, 2010 | Top |
PLTS
GR B
12-20x2.5
| Location | Change
| | Ahmedabad | 0
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Indore | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mumbai | 227
| | Raipur | 0
| | Rudrapur | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 8. Pencil ingot price movement in major places - 30 Jul, 2010 | Top |
Pencil ingot
| Location | Change
| | Ahmedabad | 0
| | Alang | 100
| | Bhiwari | 200
| | Chennai | 0
| | Durgapur | 91
| | Ghaziabad | 100
| | Hyderabad | 0
| | Jaipur | 100
| | Jamshedpur | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 250
| | Muzzafarnagar | 0
| | Nagpur | 91
| | Raigarh | 91
| | Raipur | 181
| | Rourkela | 91
| | Rudrapur | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 9. Rebar TMT QST price movement in India on July 29 - 30 Jul, 2010 | Top |
TMT
Fe 415
12mm
| Location | Change
| | Ahmedabad | 200
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Hyderabad | 0
| | Indore | 300
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 287
| | Raipur | 0
| | Rudrapur | 0
| | Muzzafarnagar | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 10. Steel plate cuttings price recovers further at Alang - 30 Jul, 2010 | Top |
| Product | Grade | Size | Change
| | Plate cuttings | Rolling | 1" | 200
| | Ship Scrap | Melting | Mixed | 100 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
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(Sourced from www.steelprices-india.com)
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| 11. Patra Narrow HR steel strips price down in Ludhiana - 30 Jul, 2010 | Top |
Patra
| Location | Change
| | Delhi | 0
| | Ludhiana | -181
| | Mandi | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 12. GP steel HDG price down in Ludhiana - 30 Jul, 2010 | Top |
GP
100Gms
0.40
| Location | Change
| | Mumbai | 0
| | Chennai | 0
| | Kolkata | 0
| | Delhi | 0
| | Ludhiana | -181
| | Kanpur | 0
| | Rudrapur | 0
| | Bangalore | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 13. Steel melting scrap price down in Kandla - 30 Jul, 2010 | Top |
Melting scrap
80:20
HMS
| Location | Change
| | Alang | 200
| | Chennai | 0
| | Hyderabad | 0
| | Kandla | -200
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 100
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
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| 14. Steel angle prices remain flat at most places - 30 Jul, 2010 | Top |
ANGL
GR A
65X6
| Location | Change
| | Ahmedabad | 0
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Indore | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 287
| | Raipur | 0
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 15. Sponge iron price update on July 29 - 30 Jul, 2010 | Top |
Sponge iron
| Location | Change
| | Bellary | 200
| | Kolkata | 0
| | Raigarh | 0
| | Raipur | 0
| | Rourkela | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 16. Pig iron prices remain flat on July 29 - 30 Jul, 2010 | Top |
Pig iron
Foundry Grade
| Location | Change
| | Agra | 0
| | Jallandhar | 0
| | Kolkata | 0
| | Raipur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 17. GC steel HDG price update on July 29 - 30 Jul, 2010 | Top |
GC
100Gms
0.40
| Location | Change
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Kanpur | 0
| | Kolkata | 0
| | Ludhiana | -181
| | Mumbai | 0
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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http://steelprices-india.com/spi_services/terms_of_use_for_registration.html
(Sourced from www.steelprices-india.com)
|
| 18. Steel wire rod prices remain flat in major places - 30 Jul, 2010 | Top |
WRC
SWR14
5.5/6
| Location | Change
| | Chennai | 0
| | Delhi | 0
| | Kanpur | 0
| | Kolkata | 0
| | Raipur | 0
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 19. Steel joist I Beam prices scenario in major places - 30 Jul, 2010 | Top |
JSTI
GR A
250X125
| Location | Change
| | Ahmedabad | 208
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Indore | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 287
| | Raipur | 0
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
For registration click or copy the link and paste it to your internet explorer address bar
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(Sourced from www.steelprices-india.com)
|
| 20. HR steel prices remain flat on July 29 - 30 Jul, 2010 | Top |
HRC
Tube
2.5x1250
| Location | Change
| | Ahmedabad | 0
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Indore | 0
| | Kolkata | 0
| | Ludhiana | 0
| | Mumbai | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 21. Narrow HR steel plate price update on July 29 - 30 Jul, 2010 | Top |
PLTS
GR A
8x1250
| Location | Change
| | Chennai | 0
| | Kanpur | 0
| | Mumbai | 0
| | Rudrapur | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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(Sourced from www.steelprices-india.com)
|
| 22. Steel light channel prices movement on July 29 - 30 Jul, 2010 | Top |
CHNL
GR A
75/100
| Location | Change
| | Ahmedabad | 0
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Indore | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mandi | 0
| | Mumbai | 287
| | Raipur | 0
| | Rudrapur | 0
|
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.
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| 23. CR steel price movement on July 29 - 30 Jul, 2010 | Top |
CR
DSK
0.63
| Location | Change
| | Ahmedabad | 0
| | Bangalore | 0
| | Chennai | 0
| | Delhi | 0
| | Kanpur | 0
| | Kolkata | 0
| | Mumbai | 0
| | Pune | 0
| | Rudrapur | 0 |
Change is on 29th July as compared to 28th July 2010
Change is in INR per tonne
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| 24. LME creates single steel billet contract for global industry - 30 Jul, 2010 | Top |
The London Metal Exchange announced that it has completed the merger of its Mediterranean and Far East steel billet contracts into a single global contract.
The new contract recognizes steel as a global industrial commodity. Since the decision to merge the two contracts was announced in December 2009, trading in the LME’s Mediterranean contract has surged, up 385% YoY in the first 6 months of 2010.
To July 27th 2010, 72,202 lots have been traded this year equivalent to 4.7 million tonnes and USD 2.2 billion. The strong increase in trading volume, as well as a marked increase in open interest, since the start of the year, reflects the important role of the LME as a venue for transparent price discovery, risk management and inventory financing. With the contract’s broadened global focus and importance to the construction industry, LME steel billet has also come to be seen by many commentators and analysts as a leading economic indicator.
To further support this market, LME is also expanding its network of storage facilities and delivery locations. In June 2010, the board of directors resolved that LME would list New Orleans as a good delivery point for the global steel billet contract with effect from July 29th 2010 and the LME is considering several other locations in Europe and the USA.
Mr Chris Evans head of business development at the LME said that "The decision to merge the two steel contracts into one has been met with a very strong response by the industry worldwide. The addition of New Orleans as a US delivery location will undoubtedly add further momentum, while post recession growth will encourage new demand for transparent price referencing and risk management."
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| 25. Nickel price reaches over USD 20000 per tonne - 30 Jul, 2010 | Top |
It is reported that, after going through the fluctuation of nickel price between USD 19,000 per tonne and USD 20,000 per tonne in June 2010, the price finally hit over USD 20,000 per tonne on July 22nd 2010 and July 23rd 2010.
Market participants believe if the nickel price kept going up before the end of July, Taiwanese Yieh United Steel Corporation and Tang Eng would probably lift the price for August.
Currently, the Chinese stainless steel market remains quiet and one of the stainless steel mills in Taiwan has shut down temporarily. That is because not only low demand for stainless steel, but unsteady supply of raw material.
However, it can spur the prospect of stainless steel market that the 3 months bid of nickel price in LME reached at USD 20355 per tonne on July 23rd 2010. It is expected that Taiwanese mills seem to adjust up their price soon.
(Sourced from YIEH.corp)
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| 26. Global HRB prices on a mixed trend - 30 Jul, 2010 | Top |
The bi monthly SteelBenchmarker United States HRB spot price for July 26th 2010 fell by 5.5% to USD 637 per tonne, FOB the mill, for the fifth consecutive time. The Western European HRB price was up by 0.4% to USD 678 per tonne, ex works, after four consecutive declines. The World export HRB price increased by 0.7% to USD 588 per tonne, FOB the port of export, after five consecutive declines. The Chinese HRB ex works price surged 6.8% to USD 515 per tonne, after five consecutive declines.
USA
USD 637 per tonne, FOB the mill
Down by USD 37 per tonne from USD 674 two weeks ago
Down by USD 139 per tonne from the recent high of USD 776 on May 10th 2010
Up by USD 208 per tonne from the recent low of USD 429 on May 25th 2009
Down by USD 566 per tonne from the record peak of USD 1,203 on July 28th 2008
China
USD 515 per tonne, ex works
Up by USD 33 per tonne from USD 482 two weeks ago
Down by USD 59 per tonne from the recent high of USD 574 on April 26th 2010
Up by USD 124 per tonne from the recent low of USD 391 on April 13th 2009
Down by USD 218 from the record peak of USD 733 on July 14th 2008
Western Europe
USD 678 per tonne, ex works
Up by USD 3 per tonne from USD 675 two weeks ago
Down by USD 64 per tonne from the recent high of USD 742 on May 10th 2010
Up by USD 225 from the recent low of USD 453 on April 27th 2009
Down by USD 526 from the record peak of USD 1,204 on July 14th 2008
World Export Price
USD 588 per tonne, FOB the port of export
Up by USD 4 per tonne from USD 584 two weeks ago
Down by USD 130 per tonne from the recent high of USD on April 26th 2010
Up by USD 194 per tonne from the recent low of USD 394 on May 11th 2009
Down by USD 525 per tonne from the record peak of USD 1,113 on July 28th 2008
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| 27. BDI improves further by 41 points on July 29 - 30 Jul, 2010 | Top |
It is reported that on July 29th 2010, Baltic Dry Index reached 1942 points, up by 41 points as compared to July 28th 2010.
Capsize
| BCI | Change
| | SPOT 4 TCE AVG | 1886 | +85
| | INDEX | 14443 | +864
| | July 28th 2010 | 13579 |
| | Year Ago | 57471 | |
All except INDEX in USD
Change is with respect to numbers on July 28th 2010
Panamax
| BPI | Change
| | INDEX | 2582 | +76
| | SPOT 4 TCE AVG | 20752 | +614
| | July 28th 2010 | 20138 |
| | Year Ago | 28086 | |
All except INDEX in USD
Change is with respect to numbers on July 28th 2010
Supramax
| BSI | Change
| | INDEX | 1764 | -8
| | SPOT 4 TCE AVG | 18450 | -75
| | July 28th 2010 | 18525 |
| | Year Ago | 21849 | |
All except INDEX in USD
Change is with respect to numbers on July 28th 2010
Spot 4 TC Average = Average Value of the Four Main Shipping Routes
BDI = Weighted Composite Index of BCI/BPI/BHMI
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