[SMM Steel] India Alang scrap stable as Punjab power-cut risk supports sentiment

[SMM Steel] Market feedback indicates that currently the FOB selling price for SAE1006 slabs is $475/mt, with the loading port being Jingtang Port and the destination country being the Middle East.

[Sheets & Plates] Today, hot-rolled coil prices dropped by $2-3/mt. Except for medium-thickness plates, export prices of other sheets & plates also fell by $2-3/mt day-on-day, with transaction prices for hot-rolled coil at $488-497/mt. Market feedback indicates that exports of medium-thickness plates have been good recently and prices are relatively firm. Today, domestic futures broke below support levels, and the market inquiry sentiment was extremely bleak, with a wait-and-see approach prevailing.

[Turkey] In the import market, a Russian mill's offer for August-delivery billet held stable at 480 USD/tonne FOB, while Turkish buyers' target prices were at or below 470 USD/tonne FOB, with freight rates from Russia to Turkish ports dropping to around 25 USD/tonne. Meanwhile, driven by lower freight costs, Chinese 4SP billet offers to Turkey fell by 2 USD/tonne to 518 USD/tonne CFR. The Turkish domestic market also remained stable due to sluggish trading, with domestic billet prices holding at 525 USD/tonne EXW this week, and domestic rebar prices also remaining steady in the first two days of the week.