Following the rising trend in the last two weeks, the Orbis Steel Index has slowed down in the last week of January 2011.
In the week of January 24-30, scrap values have continued to drop, while the Turkish HRC Index switched to a decreasing trend compared to the increases recorded in the previous weeks.
Meanwhile, the Turkish Rebar Index has recorded a modest rise, after the big drop it recorded in the previous week.
As of January 31, 2011, the Orbis Steel Index values are summarized as follows:
US (East Coast) HMS I/II Scrap Export Index - a weekly decrease of 2.02 percent to 216.71;
Turkish Scrap Index - dropped 1.77 percent week on week, standing at the level of 201.66;
Turkish Rebar Index - a weekly increase of 0.8 percent to reach today's value of 167.44;
Turkish HRC Index - dropped 1.23 percent week on week to 130.08;
China HRC Export Index - a weekly increase of 1.44 percent to reach today's value of 123.68.
*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.