The upward movement in the steel markets reflected on the Orbis Steel Index continued in the week from May 2 to May 8. In all the prominent markets excluding Black Sea HRC, the Orbis Steel Index data were seen to be moving on an upward trend. Besides, a strengthening of increase rates has been observed.
As of May 8, 2011, as per the Orbis Steel Index data, the weekly index movements as per product are as follows:
Turkish Scrap Index has seen a 2.39 percent week-on-week increase, with the index value up to 190.79.
US (East Coast) HMS I/II Scrap Export Index has increased 3.01 percent compared to the previous week, with the index value up to 200.94.
Turkish Rebar Index has increased by 3.58 percent to 167.83 compared to the previous week.
Turkish HRC Index has seen a 1.00 percent week-on-week increase, with the index value up to 123.58.
Black Sea HRC Index has moved sideways this week after the decrease seen in the previous week. The index value has remained at 127.01.
*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.