November 8 2012 Torchable at $9.75 per 100 pounds in prices provided by URSI
|Steel||USD per 100 LB|
|P&S 5′ and under||$12.75|
|#1 HMS Unprepared/Cast||$11.00|
|Steel BX Wire||$0.20|
In other news:
MEPS BRIC AVERAGE STEEL PRICES REBOUND IN OCTOBER
The MEPS BRIC Countries’ average transaction prices increased in October in all eight carbon steel product forms researched. The Brazilian real and Russian rouble appreciated significantly against the US currency – thus pushing up the value of domestic material when measured in US dollars.
The Brazilian steel industry is now more bullish over the general outlook for production and consumption in 2013. The Chamber of Foreign Trade (Camex) has begun to levy a higher import duty on a number of finished steel products. The temporary tariff will be imposed initially for a period of 12 months.
Purchasing activity in the Russian Federation has begun to slow down. Distributors and downstream industries remain unwilling to either hold or build inventory. The construction season is drawing to a close.
Downstream demand for finished steel in India has fallen short of market projections. This trend is expected to continue in the post-Diwali period. NMDC’s decision to switch from quarterly iron ore supply contracts to a monthly pricing system has drawn criticism. However, the landed cost of imported raw materials has fallen, following the appreciation of the Indian rupee against the US dollar.
October domestic steel selling values for all product forms, increased in China, nevertheless, the outlook for the Chinese steel industry remains uncertain. Economic growth slowed for a seventh straight quarter.