Upward movement has continued on the Orbis Steel Index in the week from May 9 to May 15. Despite a slowdown in most growth rates, the main index movements in the given week followed a rising trend. The growth rate of the Turkish HRC index increased compared to the previous week.
As of May 16, 2011, as per the Orbis Steel Index data, the weekly index movements as per product are as follows:
Turkish Scrap Index has seen a 1.6 percent week-on-week increase, with the index value up to 194.85.
US (East Coast) HMS I/II Scrap Export Index has increased 1.29 percent compared to the previous week, with the index value up to 203.53.
Turkish Rebar Index has increased by 1.45 percent to 171.64 compared to the previous week.
Turkish HRC Index has seen a 2.96 percent week-on-week increase, with the index value up to 127.24.
Black Sea HRC Index has moved upward this week following its sideways movement in the previous week. The index value increased by 0.57 percent to 127.73.
*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.