Raw material markets down, hot rolled prices continued to climb

The Orbis Steel Index indicated a downward trend for certain products in the week covering January 17-23, 2011 while for hot rolled coils, index values were observed to continue their upward trend. 

Looking at the index values as of January 24, we see either a flat or a downward trend in the below listed products in the week covering January 17-23, 2011.

US (East Coast) HMS I/II scrap export index – a weekly decrease of 1.04 percent, dropping to the level of 221.18

Turkish Scrap Index - a weekly decrease of 0.75 percent to drop to today's value of 205.3

Turkish Rebar Index - a weekly decrease of 3.47 percent to drop to today's value of 166.11

On the other hand, during the same week following hot rolled coil indexes on The Orbis Steel Index, indicated upward movement with the following details:

Turkish HRC Index - a weekly increase of 3.18 percent  to reach today's value of 131.7

Black Sea HRC Export Index – a weekly increase of 10.43 percent  to reach today's value of 135.54

China HRC export index - a weekly increase of 5.3 percent to reach today's value of 121.93

*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.