Shifting from the rising trend by the middle of January, world steel markets did not change direction last week and continued to see price corrections.
According to Orbis Steel Index data as of the end of the fifth week, index values of most items varied between flat and downward trends, with the exception of China which is absent in the market due to Spring Festival Holiday. As of February 7, 2011, the Orbis Steel Index values are summarized as follows:
US (East Coast) HMS I/II Scrap Export Index - a weekly decrease of 2.28 percent to 211.76;
Turkish Scrap Index - dropped 1.66 percent week on week, standing at the level of 196.82;
Turkish Rebar Index - returned to downward trend last week, with a weekly decrease of 2.63 percent to reach today's value of 161.06;
Turkish HRC Index - trended sideways and remained at 130.08;
*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.