Iron ore (china cfr) prices down 10% WoW; Base metals weak
* Indian steel: Long product (TMT Mumbai) prices were down ~2% WoW. Sponge iron prices were unchanged, while domestic scrap prices were down ~3% WoW. Pellet prices were down ~2% WoW. Domestic iron ore prices were unchanged, but the defaulting Odisha miners have been allowed to resume production, which can exert pressure on prices. Domestic HRC prices were unchanged, and so were import and export offers.
* Raw materials: Iron ore prices (China cfr) were down ~10% WoW owing to weakness in Chinese steel prices. Thermal coal prices were unchanged. Coking coal prices were down ~4% WoW. China’s pellet import prices were down ~1% WoW.
* Europe: HRC prices were unchanged. CIS HRC export prices were up ~2% WoW. Rotterdam scrap prices were up ~1% WoW.
* China: Chinese local rebar prices were down ~3% WoW, while HRC prices declined ~2% WoW. Export rebar prices were down ~2% WoW, while HRC prices were marginally lower.
* Base metals: Aluminum (cash LME) was down ~3% WoW. Alumina was up ~5% WoW. Copper (cash LME) was down ~1% WoW. Zinc was down ~5% WoW, while lead declined ~4% WoW. Brent crude prices were up ~2% WoW.
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