MOSL: METALS WEEKLY-Domestic long product prices weaken-Alumina rises

​METALS WEEKLY: Domestic long product prices weaken; Alumina rises

• Indian steel: Long product (TMT Mumbai) prices were down ~2% WoW. Sponge iron prices were also down ~4% WoW, while domestic scrap prices were down ~1% WoW. Domestic iron pre prices were unchanged. Pellet prices were higher. Domestic HRC prices were unchanged, while import HRC price offers were higher by ~3% WoW.
  
• Raw Materials: Iron ore prices (China cfr) were down ~3% WoW, as concerns about winter cuts impacted demand in China. Chinese iron ore port inventories were lower. Thermal coal prices were down 1% WoW. Coking coal prices were down ~1% WoW. China’s pellet import prices were up ~1% WoW.
  
• Europe: HRC prices were unchanged, but HRC product spreads have increased on lower raw material prices. CIS HRC export prices were up ~10% WoW. Rotterdam scrap prices were down ~3% WoW.
  
• China: Local HRC prices were down ~1% WoW, while rebar prices were unchanged. Export HRC prices were up 4% WoW, but rebar declined ~1%.
  
• Base metals: Aluminum (cash LME) prices were unchanged. Alumina prices have increased more than USD50/t in the past two weeks. Zinc (cash LME) was down 1% WoW. Lead was up ~2% WoW. Copper was down ~5% WoW. Crude oil (Brent) prices were up ~3% WoW.