- Turkish import prices retreat $8 since Wednesday
- Jul and Aug scrap futures trade $257/t and $260/t respectively
Turkish import prices have softened $8 since last Wednesday amid a slow up in physical buying activity. The scrap futures curve continues to hold its relatively flat nature, July futures traded at $257/t, whilst August printed at $260/t and was bid on. Northwest European HRC continues to paint a concerning picture, with the index losing further value. NWE HRC prices have fallen some €19.25 since the start of June. The futures curve remains largely unchanged, with July futures now sitting at around a €25 contango vs the spot month.
China’s central bank injected 180 billion yuan into the market on Friday to help stabilise liquidity in the banking system. The central bank implemented 70 billion yuan through 7-day reverse repos at an interest rate at 2.2% and 110 billion yuan of 14-day RR at 2.35%. This helped stimulate the Chinese steel market somewhat and aided FOB China HRC futures to strengthen a touch. Onshore rebar this morning traded up early but have since retreated to below opening levels.
Friday’s trades:
CME US HRC Midwest
Q3 @ 513 in 1kT
1h21 @ 540 in 160t/m
Aug @ 514 in 500t + 2kT
Q3 @ 516 in 1kT/m
Please see yesterday’s closing curves:
|
US HRC USD/short ton |
NWE HRC EUR/metric ton |
|||||||
|
|
Bid |
Ask |
Value |
|
Bid |
Ask |
Value |
|
|
Jun-20 |
495 |
505 |
500 |
Jun-20 |
385 |
405 |
395 |
|
|
Jul-20 |
499 |
509 |
504 |
Jul-20 |
410 |
430 |
420 |
|
|
Aug-20 |
510 |
520 |
515 |
Aug-20 |
420 |
440 |
430 |
|
|
Sep-20 |
518 |
528 |
523 |
Sep-20 |
425 |
445 |
435 |
|
|
Q4 20 |
521 |
531 |
526 |
Q4 20 |
433 |
453 |
443 |
|
|
Q1 21 |
528 |
538 |
533 |
Q1 21 |
438 |
458 |
448 |
|
|
Indices |
Price |
Change |
MTD |
|
Platts TSI HMS 1/2 80:20 CFR Turkey ($/mt) |
262.00 |
-2.50 |
262.37 |
|
Steel Rebar FOB Turkey ($/mt) |
419.00 |
-0.50 |
416.77 |
|
Argus HRC NW Europe (€/mt) |
486.00 |
-0.75 |
395.23 |
|
Argus FOB China HRC ($/mt) |
436.00 |
0.00 |
433.80 |
|
LME HRC FOB TIANJIN CHINA USD/mt |
LME HMS 80:20 CFR TK |
|||||||
|
|
Bid |
Ask |
Value |
|
Bid |
Ask |
Value |
|
|
Jun-20 |
429 |
439 |
434 |
Jun-20 |
257 |
267 |
262 |
|
|
Jul-20 |
433 |
443 |
438 |
Jul-20 |
252 |
262 |
257 |
|
|
Aug-20 |
430 |
440 |
435 |
Aug-20 |
255 |
265 |
260 |
|
|
Sep-20 |
427 |
437 |
432 |
Sep-20 |
258 |
268 |
263 |
|
|
Q4 20 |
422 |
432 |
427 |
Q4 20 |
257 |
267 |
262 |
|
|
Q1 21 |
418 |
428 |
423 |
Q1 21 |
257 |
267 |
262 |
|
|
LME REBAR FOB TK |
BUSHELING |
|||||||
|
|
Bid |
Ask |
Value |
|
BID |
ASK |
Value |
|
|
Jun-20 |
412 |
422 |
417 |
Jul-20 |
300 |
310 |
305 |
|
|
Jul-20 |
416 |
426 |
421 |
Aug-20 |
290 |
300 |
295 |
|
|
Aug-20 |
416 |
426 |
421 |
Sep-20 |
298 |
308 |
303 |
|
|
Sep-20 |
416 |
426 |
421 |
Q4 20 |
308 |
318 |
313 |
|
|
Q4 20 |
415 |
425 |
420 |
Q1 21 |
322 |
332 |
327 |
|
|
Q1 21 |
412 |
422 |
417 |
|||||