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Steel prices remain weak; Base metals continue to decline
* Indian steel: Long product (TMT Mumbai) prices lowered ~2% WoW. Sponge iron prices were ~2% lower while scrap prices also decreased ~2% WoW. Iron ore prices remained unchanged WoW. Pellet prices remained flat WoW. Domestic HRC prices were ~1% lower WoW. Export price offers were unchanged, while import offers were slightly higher.
* Raw materials: Iron ore prices (China CFR) were broadly unchanged WoW. Thermal coal prices were up ~2% WoW. Coking coal prices were ~1% higher. China’s pellet import prices were ~1% higher WoW. Chinese graphite electrode prices declined ~6%.
* Europe: CIS HRC export prices were broadly unchanged WoW.
* China steel prices: Chinese HRC decreased ~2% WoW while rebar prices declined ~1%. Export prices for HRC were ~1% higher.
* Base metals: Aluminum (cash LME) was down ~1% WoW. Copper (cash LME) was down ~1% WoW. Zinc (cash LME) decreased ~4% WoW. Lead (cash LME) was down ~3% WoW. Brent crude prices were broadly unchanged WoW.
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