Data: SHFE, DCE market movement (Aug 19)

[India] As market sentiment strengthened, indicative export prices for Indian steel billet rose to $460/mt FOB India. Indicative prices for US/EU-origin shredded scrap were $420–422/mt CFR Qasim, UAE-origin HMS was $413–415/mt CFR Qasim, and Indian HMS was around $360/mt CFR India. However, scrap prices in the Indian market remain at indicative levels only, with no confirmed deals yet. The strengthening trend also extended to India’s domestic billet market, with prices rising in 16 of the 19 assessed regions, and the overall price range was $406–458/mt (INR 38,800–43,800/mt). Mumbai saw the largest increase, up $12/mt (INR 1,100/mt) to $448/mt (INR 42,800/mt); billet prices in Mandi Gobindgarh, Raipur, Chennai, and Durgapur were $444/mt (INR 42,400/mt), $414/mt (INR 39,600/mt), $458/mt (INR 43,800/mt), and $422/mt (INR 40,300/mt), respectively. India’s domestic HRC prices remained unchanged.

[Turkey] Over the past week, with Black Sea shipping nearly at a standstill and a Ukrainian steel mill suffering attack damage, several Turkish steelmakers have pivoted back to the Asian market for billet procurement. Turkey's billet import assessment has stabilized at 495–500 USD/tonne CFR. In terms of specific transactions, a mill in Izmir purchased 50,000 tonnes of imported billet from a trader at 495–500 USD/tonne CFR; prior to this, a section steel producer in the same region had already booked approximately 50,000 tonnes of Chinese billet. Notably, frequent attacks on Black Sea shipping routes have effectively paralyzed the dispatch of regional materials to Turkey. This disruption, compounded by the damage to a Ukrainian steel plant and elevated freight rates of around 45 USD/tonne from Russia to Turkey, has driven Turkish buyers' overall restocking demand firmly toward Asia.

[India] Indian billet export indications firmed to 460USD/tonne FOB India amid strengthening market sentiment. US/EU-origin shredded scrap was indicated at 420–422USD/tonne CFR Port Qasim, while UAE-origin HMS stood at 413–415USD/tonne CFR Port Qasim and HMS for India near 360USD/tonne CFR India. However, all scrap levels in India remained indicative, with no confirmed trading. The firmer tone extended to domestic billet, with prices rising across 16 of 19 assessed locations and ranging from 406–458USD/tonne (38,800–43,800INR/tonne). Mumbai recorded the strongest increase, rising 12USD/tonne (1,100INR/tonne) to 448USD/tonne (42,800INR/tonne), while billet stood at 444USD/tonne (42,400INR/tonne) in Mandi Gobindgarh, 414USD/tonne (39,600INR/tonne) in Raipur, 458USD/tonne (43,800INR/tonne) in Chennai and 422 USD/tonne (40,300INR/tonne) in Durgapur. Domestic HRC prices remained unchanged.