On the Orbis Steel Index in the week from April 25 to May 1, upward movement was witnessed in US scrap export prices while the Turkish scrap index saw a strengthening of the upward movement which started in the previous week.
The uptrend which started in the Turkish rebar index in the previous week was observed to gain momentum in the week in question.
As of May 2, 2011, as per the Orbis Steel Index data, the weekly index movements as per product are as follows:
Turkish Scrap Index has seen a 1.29 percent week-on-week increase, with the index value up to 186.34.
US (East Coast) HMS I/II Scrap Export Index has increased 0.48 percent compared to the previous week, with the index value up to 195.06.
Turkish Rebar Index has increased by 12.18 percent to 162.03 compared to the previous week.
Turkish HRC Index has seen a 1.01 percent week-on-week increase, with the index value up to 122.36.
Black Sea HRC Index stands out as the only index value showing a decrease in the week in question. A 0.74 percent week-on-week drop was seen, with the index value declining to 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.