Orbis Steel Index: Slower activity in the steel markets

In the week from July 24 to July 31, activity in the steel markets has been slow compared to the previous week. In the week in question, the index values in the Orbis Steel Index (OSI) which maintained their upward trend were the Turkish scrap index, the Turkish rebar index and the Turkish HDG Index. The uptrend seen in the US scrap export index in the previous week switched to a downward movement in the given week. As per the Orbis Steel Index data, the index movements in the week in question as per product are as follows: Turkish Scrap Index has increased by 1.2 percent compared to the previous week, rising to 195.72. US (East Coast) HMS I/II Scrap Export Index has decreased again by 1.13 percent after switching to sideways movement in the previous week following two weeks of decrease. The index value has declined to 204.71. Turkish Rebar Index has increased to 181.71, up by 0.49 percent compared to the previous week, marking the fifth week of increase. Turkish HRC Index has stayed at the same level recorded last week. The index value remained at 124.39. Black Sea HRC Index has decreased again after a slight increasing movement recorded in the previous week, dropping by 0.17 percent to 131.52. Turkish HDG Index switched to an upward trend after a several week of decline or sideways movement, increasing to 0.53 percent to 118.61. Turkish CRC Index remains at the same level of 123.97 recorded in the previous week. *Explanations: Turkish Scrap Index: Based on the weighted average of prices published by SteelOrbis of domestic ferrous scrap purchased weekly by Turkish steel mills, and imported HMS 80/20 CFR Turkey. Turkish Rebar Index: Based on the weighted average of prices published by SteelOrbis of commercial quality deformed steel reinforcing bars produced and sold by Turkish mills and subsequently merchants, both in the domestic market on ex-warehouse basis and for export on FOB Turkey basis. Turkish HRC Index: Based on the weighted average of prices published by SteelOrbis of commercial quality HRC produced or imported, and then sold by Turkish mills on ex-warehouse basis. 01.01.2005 value is 100.