For 012-32 mm rebar, prices hovered between USD 615-626 during the week of June 3-13. Although prices have recovered compared to the first months of 2024, they were observed to be in a downward trend compared to the same period last year.
A similar picture is observed for HMS 1 scrap. Prices, which hovered between USD 423-435 during the week of June 3-13, started to decline as of June 10 and closed at USD 423 on June 13.
Finally, looking at 62% Fe iron ore prices, which have been on a downward trend since the beginning of 2024, started to recover in mid-April. However, prices, which had been flat since May, broke down on June 4 and started to decline. During the week of June 3-13, prices were in the range of 106-117 USD.
Exports in India fell to the lowest level in the last 6 months and the country became a net importer. Especially domestic producers' preference for the domestic market and limited export quotas had a negative impact on exports. India's exports were also affected by the slowdown in global steel demand, new protective measures announced in the European market, and China's competitive prices.
Domestic steel producers have faced pressure on exports from weak domestic demand as well as a slowdown in China's real estate sector. In addition, continued Chinese steel production is also reducing India's share of metal exports to Vietnam and the United Arab Emirates (UAE). This is further depressing product prices in the domestic market.
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