[SMM Steel] Indian Steel Market Stable; Imported Scrap Demand Weak

As of August 18, the operating rate of 50 EAF steel mills nationwide mainly producing construction steel was 31.71%, down 1.96% WoW; the capacity utilization rate was 31.30%, down 2.17% WoW from the previous period; the daily average production of construction steel was 69,700 mt, down 4,800 mt WoW from the previous period.

Iron ore futures firmed modestly today. The DCE most-active contract I2701 settled at RMB 714/mt, up 0.85% from the previous session. Spot prices at Qingdao Port rose RMB 2-3/mt from the previous trading day. Traders were reasonably active in offering

[Flat products]Today HRC and some other flat-product export prices were steady day on day, with HRC transactions at 484-487 USD/tonne. Export prices have stabilised and rebounded in recent days and the market reports an increase in overseas enquiries, but buyers remain largely on the sidelines and actual deals have shown no clear improvement. [Billet]Today billet export FOB prices were steady, with Jiangyin port offers at 448-454 USD/tonne and order shipments mostly concentrated in October. According to market feedback, export prices are currently quoted mainly on a basis and have limited room to fall further, while overseas demand is driven by immediate needs and enquiry-to-deal conversion was ordinary. [Rebar]Today rebar export offers at Tianjin port were steady, with overall transactions at 472-477 USD/tonne. According to exporters, market enquiries were reasonable today and some mills received enquiries from the Dubai area. On deals, recent bookings have been mostly in small lots with no clear pick-up in volume, for September-October shipment