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The global scrap market has recovered a bit in last two months as winter related logistic issues hampered the supply chain curtailing the availability but with warmer conditions the availability is likely to improve. Moreover, the slide in iron ore prices to USD 55 CFR levels has created an imbalance between BF-BOF and EAF route with the current ratio of about 2.8, which also suggests correction in scrap prices to keep balance in production costs of BF-BOF & EAF route steel mills as iron ore prices are unlikely to recover

It is learnt that crumbling under cheaper imports, a Turkish steel giant has reduced its billet price for domestic market at USD 380 per tonne EXW this week. Import billets from Ukraine and Russia are offered at USD 360 CFR FO Turkey levels but this announcement will change the game as import has different costs that are bringing the final cost at higher level. Therefore, in a short while USD 360 per tonne CFR FO levels will not be enough to ink deals with Turkish steel mills.

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Metal Rate
26 Mar, 2015
Zn
2094
Ni
13610
Sn
17260
Al
1783
Cu
6229
Source: LME.co.uk
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Weekly Poll
Coking coal prices to weaken in Q2
Yes
No
Can't Say
Baltic Dry Index
26 Mar, 2015
BDI
598
BCI
455
BPI
602
BSI
648
Source: DryShips.com
Currency Rate
27 Mar, 2015
USD
1.0000
AUD
1.2819
BRL
3.1826
CAD
1.2501
CNY
6.2165
EUR
0.9188
GBP
0.6732
INR
62.6858
JPY
119.2058
RUB
57.0483
ZAR
11.9929
Source: http://www.xe.com