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Steel bundled Scrap import prices held steady at $450-453/ton CFR India. SS 304 Scrap is priced at Rs 120/kg. A slight shortage of 316L Scrap is noted, thus, storing of some 316L Scrap is advised due to shortage.

Nickel opened 0.96% higher at $16,890/ton. Rimjhim's 304 CR 2B at Rs.197/kg. Jindal's 304 HR N1 at Rs.190/kg. Demand noted in 316L HR and 304 CR & HR. Jindal Stainless raised JT prices; Rimjhim Ispat is yet to adjust.

The EU is urging the US to relax its quotas on imported EU steel, assuming they continue post-year-end, says European Commission Vice President Valdis Dombrovskis.

Turkey's flat steel market, majorly controlled by China, shows little recovery in October. Limited availability due to maintenance works hampers the recovery of Turkish crude steel output, as per SteelOrbis.

JSPL's subsidiary, Vulcan Steel, begins construction for a 5 million mt/year green steel mill in Oman's Special Economic Zone, set for completion in 2027. This follows JSPL's 2020 asset sale of its Oman operation to deleverage.

Dr. Veysel Yayan disclosed that Turkey's steel consumption is significantly met by imports due to contraction in the global steel sector. Turkey's crude steel production also dropped by 8.8% within the first ten months this year.

Steel bundled Scrap import offers decreased by 0.99% to $450-453/ton CFR India. SS 304 Scrap is priced at Rs 120/kg. A slight shortage of 316L Scrap is noted and it is advised to store 316L Scrap for medium to long-term potential.

US steel wire rod prices stayed stable in November due to lower demand from the construction sector. Market participants are concerned about potential US federal interest rate hikes. However, new deals may boost prices in coming weeks.

Mexico's metal scrap imports experienced the second-largest surge in 10 months in September, increasing 35% year-over-year to $111 million. This aligns with Mexico's steel production, which saw an average monthly decrease of 11.5%.

Positive outlook for Q1 on steel raw materials market, with anticipated demand growth and price hikes. Market participants in Dubai project optimism following Q4's weaker performance.