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After a dull January, US steel prices may move higher in February while optimistic sentiments prevail in China on low inventories and economic revival. Indian markets remained flat in January with TSI HR coil prices m..

10 Feb 2013

LONDON (Commodity Online): Steel prices in January showed a mixed trend across markets with US prices extending decline seen in December while China, European prices gained, while Indian markets were flat. Turkey prices gained on restocking, improved demand, according to a monthly report from The Steel Index (TSI).

In US markets, declining offers from sellers steadily pushed down prices. Spot Hot rolled (HR) pries tumbled with TSI daily index falling from US $640/short ton to US$614/short ton at end of January. Flat carbon steel imports dipped heavily in US Gulf coast. Steel shipments dipped sharply to 2.5 mn tons, the lowest in three years, TSI added.

North Europe
North Europe Hot Rolled Coil (HRC) spot prices rose to a four month high with TSI index breaching 500 Euros per ton for the first time since September 2012. It traded in 485-495 euros range. Arcelor Mittal raised prices 20 Euros per ton.
TSI’s HR coil price closed up €11/tonne (+2.2%, 4-week change) in Northern Europe, whilst there was more price stability in the South with prices €5/tonne higher (+1%, 4WC). TSI’s North European CR coil price also registered a modest increase - up €7/tonne (+1.2%,4WC) and the HDG coil price rose 0.7% (€4/t) over a 4-week period.

China
China export prices rose to a six month high of $600 per ton on rebounded domestic prices and bullish market sentiments.TSI’s monthly average prices for Chinese exports to Europe/US reached US$593/t (+6% m-o-m) and exports to Asia hit US$601/t (+8% m-o-m).

Turkey
Monthly average of TSI’s Turkish domestic HRC price rose by US$30/t to US$623/tonne; domestic CRC and HD Galv prices increased in parallel to the HRC trend.

Indian markets were flat for HR coil with prices marginally up at Rs 39,486 per ton for 1079, 2062 grades.
Outlook for Feb US markets may move higher while optimistic sentiments prevail in China on low inventories and economic revival.


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