India steel product prices continue to rise

* Indian steel: Long product (TMT Mumbai) prices were up ~5% WoW. Sponge iron prices were up ~4% WoW, while domestic scrap prices were up ~7% WoW. Pellet prices were also higher. Domestic iron ore lump and fines prices were up INR300-500/t. Domestic HRC prices were up ~2% WoW, while import price offers were unchanged.

* Raw materials: Iron ore prices (China cfr) were up ~3% WoW. Thermal coal prices were up ~1% WoW. Coking coal prices were also higher by ~1%. China’s pellet import prices were higher by ~1%.

* Europe: HRC prices were unchanged. Product spreads were lower on higher raw material costs. CIS HRC export prices were also unchanged. Rotterdam scrap prices were also unchanged.

* China: Local HRC prices were marginally lower, while rebar prices were down ~2% WoW. Export HRC and rebar prices were marginally lower WoW.

* Base metals: Aluminum (cash LME) was down ~2% WoW, while alumina was unchanged. Copper (cash LME) was down ~1% WoW. Zinc was up ~3% WoW, while lead was up ~4%. Brent crude prices were up ~1% WoW.

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