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Meltdown commences at the top– 20 Sep 10

Steel making pig iron prices have receded by USD 20 per tonne during the week. Although it is being offered at USD 490 - 495 per tonne CFRFO the actual booking is being done at USD 455-460 per tonne against bid of USD 470-480 per tonne with extremely tight validity of less than a day.
Scrap in Italy has lost Euro 15 - 20 per tonne.
It is clear indication of a downtrend although clarity will dawn in the coming week.

Sep 20, 2010 13:21
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