In the week from July 11 to July 17 on the Orbis Steel Index, an upward trend has been observed after four weeks of predominant downward movement. The Turkish rebar index returned to upward trend marking the third consecutive week of increase and the growth rate increased as well.
On the Orbis Steel Index during the week in question, the Turkish HRC index started to increase after several weeks of sideways and downward movement.
As of July 18, 2011, as per the Orbis Steel Index data, the weekly index movements as per product are as follows:
Turkish Scrap Index has increased by 0.24 percent compared to the previous week, rising to 192.94.
US (East Coast) HMS I/II Scrap Export Index switched to sideways movement after two weeks of decrease. The index value remained at 203.76.
Turkish Rebar Index has increased to 180.51, up by 3.18 percent compared to the previous week, marking the third week of increase.
Turkish HRC Index has started to increase this week. Index value rose to 124.39, up by 0.66 percent week on week.
Black Sea HRC Index decreased for the third consecutive week, dropping by 0.17 percent to 131.52.
*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.