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Steel prices lower; Base metals too decline
* Indian steel: Long product (TMT Mumbai) prices were lower ~1% WoW. Sponge iron prices were ~2% higher, while scrap prices increased ~2% WoW. Iron ore prices remained unchanged WoW. Pellet prices were flat WoW. Domestic HRC prices were ~1% lower WoW. Export price offers were unchanged, while import offers were lower.
* Raw materials: Iron ore prices (China CFR) were unchanged WoW. Thermal coal prices were flat WoW. Coking coal prices were ~1% higher. China’s pellet import prices were~1% higher WoW. Chinese graphite electrode prices were ~1% lower.
* Europe: CIS HRC export prices were lower ~2%.
* China steel prices: Chinese HRC prices were broadly unchanged, while rebar prices declined ~1% WoW. Export prices for HRC were~2% lower.
* Base metals: Aluminum (cash LME) was down ~2% WoW. Copper (cash LME) was down ~3% WoW. Zinc (cash LME) and Lead (cash LME) were both down ~2% WoW. Brent crude prices were down ~2% WoW.
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