Upward movement has continued on the Orbis Steel Index in the week from May 23 to May 29. Accordingly, the main index movements in the given week followed a rising trend. The highest week-on-week growth rate has been seen on Turkish rebar index.
As of May 30, 2011, as per the Orbis Steel Index data, the weekly index movements as per product are as follows:
Turkish Scrap Index has seen a 2.31 percent week-on-week increase, with the index value up to 195.83.
US (East Coast) HMS I/II Scrap Export Index, following the 1.15 percent decrease in the previous week, has increased 1.17 percent in the week in question week, with the index value up to 203.53.
Turkish Rebar Index saw an increase for the sixth consecutive week, rising by 2.77 percent to 176.85 compared to the previous week.
Turkish HRC Index has moved sideways this week after the slight increase seen in the previous week. The index value has remained at 128.46.
Black Sea HRC Index has increased by 1.85 percent to 130.09 this week, following its sideways movement 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.