Sample of Tsi Reports

March 24, 2016
Daily Steel Edition
TSI Steel Reference Prices

Hot Rolled Coil (HRC)
1-day change
1-week change
N.Europe (/tonne)
338
= 0 0.0%
= 0 0.0%
S.Europe (/tonne)
326
= 0 0.0%
USA (US$/short ton)
421
2 +0.5%
Asean Imports (US$/tonne)
383
1 -0.3%
4-week change
Low*
High*
15 +4.6%
314
405
16 +5.2%
36 +12.4%
276
400
10 +2.4%
19 +4.7%
364
476
20 +5.5%
80 +26.4%
271
396
*Past 12 Months
TSI HRC Reference Prices - Domestic Markets (US$/tonne)
European & US Steel Market Commentary

- Following a few weeks of continuous price rises in the European steel
market, TSIs hot rolled coil indices had a more stable week. North
European mills were heard offering HRC near the 350/tonne mark, but
transaction prices remained around 10/t lower, as market participants
pointed to aggressive offers from some steel service centers as a factor
limiting the pace of price increases in the region. Similarly, the South
European market has largely absorbed the recent price hike, but
discounts were still available to official mills asking prices. TSIs South
European HRC index gained 40/t from the beginning of February and
some buyers commented that such rises have been steep enough with
doubts being casted as to whether steel producers would be able to
achieve further increases in the near term.
- The price of US HRC rose this week to US$421/short ton FOB
Midwest Mill following the latest price increases announced by steel
producers. Steel producers noted that a rise in scrap prices, due to
tighter availability was one of the reasons for higher coil offers, whilst
the recent price surge in iron ore and Asian steel were also cited.
ASEAN Steel Market Commentary
TSI HRC Average Delivery Lead-Times (weeks)
- TSIs ASEAN HRC index finished at US$383/tonne, an increase of

US$20/t from a week ago. With the absence of Japanese and
Taiwanese suppliers, Vietnamese re-rolling mills were faced with a
supply shortage for their May shipment orders. This left Chinese steel
producers as the main suppliers to the ASEAN imports market, despite
constantly rising offer prices. Towards the end of the week, market
activity had started to slow, as a weakening domestic steel market in
China put ASEAN buyers on alert and into a wait-and-see mode. HRC
cargoes (SAE 1006 grade) for June delivery were heard to be offered
between US$390-400/t, but buyers interest remained muted. One
Vietnamese re-roller commented that predicting demand during the
historically rainy month of June would be a challenge. All prices quoted
on a CFR ASEAN port basis.
TSI Average Monthly HRC Reference Prices

Sep
Oct
Nov
Dec
Jan
Feb
Mar MTD
N.Europe: Ex-mill (/tonne)
373.14
345.77
329.48
316.86
319.35
322.67
333.72
S.Europe: Ex-mill (/tonne)
337.00
297.64
286.52
280.81
286.40
288.05
306.83
USA: FOB Midwest Mill (US$/short ton)
446.32
418.32
381.57
369.90
391.00
400.10
408.83
Asean Imports: CFR Asean Port (US$/tonne)
292.40
279.73
275.40
274.36
290.90
296.95
357.11
For further details of the methodology used, log-in to the website:
www.thesteelindex.com
This information has been prepared by The Steel Index ("TSI"). Use of the information presented here is at your sole risk, and any content, material and/or data presented or
otherwise obtained through your use of the information in this document is at your own discretion and risk and you will be solely responsible for any damage to you personally or
your company or organisation or business associates whatsoever which in anyway results from the use, reliance or application of such content material and/or information. Certain
data has been obtained from various sources (listed on the final page) and any copyright existing in such data shall remain the property of the source. Except for the foregoing, TSI
retains all copyright within this document. The copying or redistribution of any part of this document without the express written authority of TSI is forbidden.
Copyright The Steel Index 2016
Spreads and Indicative Costs

HRC Spreads to Chinese Exports (US$/tonne)
HRC-Scrap Spread: US HRC to US Shredded Scrap (US$/tonne)
Hot Metal Spread ASEAN Imports HRC vs Iron Ore (US$/t)
Indicative Raw Material Costs vs N. European HRC Price (US$/t)
Average Monthly Spreads (US$/metric tonne)

Oct
Nov
Dec
Jan
Feb
Mar MTD
US HRC (FOB Midwest Mill) HRC Chinese Exports (FOB China Port)
197
159
146
157
156
122
US HRC (FOB Midwest Mill) US Shredded scrap (Delivered Mill)
283
257
241
247
258
250
Hot Metal Spread: ASEAN Imports HRC 62%Fe Iron Ore Imports (CFR China)
198
204
213
227
225
271
North European HRC (Ex-works) Raw Material Costs
212
187
188
189
194
178
Steel Production
US Crude Steel Production (million tonnes)
China 10-Day Annualised CISA Crude Steel Output (million t)
HR Coil Steel Derivatives and Futures

HRC Spot Price and Forward Curve - N. Europe (/tonne)
HRC Forward Prices

Period
Northern
Europe
(/tonne)
Mar 16
331.10
Apr 16
340.00
May 16
HRC Spot Price and Forward Curve - ASEAN Imports (US$/tonne)
Hot Metal Spread Forward Price ASEAN HRC vs Iron Ore (US$/t)
Change
(d-o-d)
ASEAN Imports
(US$/tonne)
Change
(d-o-d)
0.00
355.53
+1.78
0.00
370.60
+1.60
340.00
0.00
369.80
+1.60
Jun 16
340.00
0.00
369.80
+1.60
Q2`16
340.00
0.00
370.07
+1.60
Q3`16
340.00
0.00
366.20
+1.60
Q4`16
340.00
0.00
366.80
+1.60
Cal-17
361.25
0.00
370.00
0.00
HRC forward prices are the mid-points of the previous day's settlement values.
Sources: LCH.Clearnet (Northern Europe), Singapore Exchange (ASEAN imports)
Spread between ASEAN HRC imports price and 1.6 * 62% Fe iron ore fines price.
Sources: TSI (historical data), Singapore Exchange (forward data)
Trade Data
EU(28) Flat Steel Imports (million tonnes)
US Flat Carbon Steel Imports by Origin (million tonnes)
Japan HR Coil Carbon Steel Exports (million tonnes)
Chinese HR Coil Steel Exports (million tonnes)
Product and Price Specifications
Hot Rolled Coil (HRC) - Northern Europe Domestic

Grade:
Prime mild carbon steel EN10111 DD11 (or equivalent)
Dimensions:
Gauge: 2.5-8.0mm; Width: 1250-1600mm
Coil Weight:
10-25 metric tonnes
Order Size:
100 metric tonnes minimum
Price Point:
Net effective base price, Ex-mill, North European basing point
Including surcharges (e.g. scrap surcharge); Excluding extras (e.g. non-standard dimensions or order sizes)
Price Units:
per metric tonne
Hot Rolled Coil (HRC) - Southern Europe Domestic
Grade:
Prime mild carbon steel EN10111 DD11 (or equivalent)
Dimensions:
Gauge: 2.0-4.0mm; Width: 1250-1600mm
Coil Weight:
14-25 metric tonnes
Order Size:
Price Point:
Net effective base price, Ex-mill
Price Units:
per metric tonne
Hot Rolled Coil (HRC) - US Domestic
Grade:
Prime mild carbon steel ASTM A1011 CS/DS (or equivalent)
Dimensions:
Gauge: 5/64" upwards; Width: 48-72"
Coil Weight:
20,000-50,000 lbs (10-25 short tons)
Order Size:
100 short tons minimum
Price Point:
FOB US Midwest mill
Price Units:
US$ per short ton
Hot Rolled Coil (HRC) - Asean Imports
Grade:
Prime mild carbon steel SAE 1006, SPHC or SPHT-1 (or equivalent)
Dimensions:
Gauge: up to 3mm; Width: 900-2000mm
Coil Weight:
10-30 metric tonnes
Order Size:
Price Point:
CFR Asean Port (Singapore) for Chinese origin HRC
Excluding surcharges and extras (e.g. non-standard dimensions or order sizes)
Price Units:
US$ per metric tonne
Differentials Applied in Compiling HRC Asean Imports Index

Grade
Grade
SS400
Origins
Differential (US$/t) 1-day change (US$/t)

9.00
0.00
Destinations
Destination
Singapore
0.00
0.00
Indonesia
2.00
0.00
Thailand
2.00
0.00
Vietnam
0.00
0.00
Origin
China
0.00
India
28.00
0.00
0.00
Japan
0.00
0.00
S. Korea
10.00
0.00
Taiwan
0.00
0.00
All differentials applied reflect current market averages for spot transactions.
your company or organisation or business associates whatsoever which in anyway results from the use, reliance or application of such content material and/or information. The
copying or redistribution of any part of this document without the express written authority of TSI is forbidden.
Index Rationale and Data Exclusions

Index Compilation Rationale
Data Exclusions*
TSI indices are compiled from data provided by companies that are part of the steel supply chain and
involved in spot market transactions. The indices are calculated using detailed transaction-level data
submitted to TSI by these companies. This data is normalised to the appropriate specifications and
screened to remove outliers before volume-weighted average prices are calculated from the remaining
core set of data.
HRC Northern Europe: 0

HRC Southern Europe: 0
HRC ASEAN imports: 0
For more details on TSI's steel methodology please download the guide published on our website
at: www.thesteelindex.com/en/procedures-methodology/
* Number of price submissions for benchmark

indices that were excluded from index
calculations today as they were anomalous and
could not be verified
Contact The Steel Index
UNITED KINGDOM
UNITED STATES
SINGAPORE
CHINA
20 Canada Square, 12th Floor

Canary Wharf
London
E14 5LH
424 South 27th Street

Suite 306
Pittsburgh
PA 15203
12 Marina Boulevard, #23-01

Marina Bay Financial Centre
Tower 3
Singapore 018982
3301 Shanghai Plaza

138 Huai Hai Zhong Lu (M)
Shanghai
200021
Tel: +44 20 7176 7667

Fax: +44 20 7176 7961
Tel: +1 412 431 0584

Fax: +1 412 431 4371
Tel: +65 6216 1057

Fax: +65 6532 2700
Tel: +86 21 5110 5485

Fax: +86 21 5110 5480
Vaseem Karbhari
europe@thesteelindex.com
Kurt Fowler
america@thesteelindex.com
Terry Chuay
asia@thesteelindex.com
Julie Jiang
china@thesteelindex.com
Sources: American Iron & Steel Institute [for US crude steel production and capacity utilisation data]; CISA [for China Crude Steel Output];
Eurofer [for EU(28) Flat Steel Imports]; US Department of Commerce [for US flat carbon steel imports. The most recent month's values are preliminary, based on SIMA data];
Japan Iron & Steel Federation (JISF) [for Japan wide HR coil carbon steel exports]; China Customs data [for Chinese medium-wide HR coil steel exports].
The Steel Index is owned by Platts, part of McGraw Hill Financial.
Week ending March 18, 2016 (Week 11)
Scrap Edition (Weekly)
TSI Benchmark Scrap Prices

Turkish Imports (CFR Iskenderun Port, Turkey)
1-week change
HMS 1/2 80:20, deep-sea (US$/tonne)
Low*
High*
221
13 +6.3%
4-week change
46 +26.3%
169
289
204
1 +0.5%
22 +12.1%
166
282
194
14 +7.8%
34 +21.3%
138
243
13 +6.2%
21 +10.4%
189
298
USA (Delivered US Midwest Mill)

Shredded (US$/long ton)
Taiwanese Imports (CFR Taiwan Port)
HMS 1/2 80:20 [containerized] (US$/tonne)
Indian Imports (CFR Indian Port - West Coast)
Shredded [containerized] (US$/tonne)
223
*past 12 months ** Price shown for Turkish imports is weekly average of TSI's daily index prices
TSI Benchmark Scrap Prices (US$/tonne)
This Weeks Scrap Market: Turkey and the US

-TSIs daily benchmark index for deep-sea Turkish imports of HMS
#1&2 80:20 rose US$19/tonne from last Friday to end the week at
US$230/t CFR Iskenderun port. The increase in the scrap price
continued to power on, despite other market indicators such as iron ore
and Chinese billet dropping back from recent highs. Participants stated
the increased price paid for scrap was still largely sentiment driven,
with margins now surely becoming pinched as higher rebar offers
struggle to gain traction. Scrap buyers are nevertheless forced into this
position, with scrap in short supply.
-TSIs US Midwest weekly shredded index gained a modest dollar this
week to US$204/long ton (delivered mill). Action on the US East Coast
was rampant, however, as export offers for obsolete scrap surged amid
tightening supply levels. Asking prices to the Turkish market were seen
above US$230/l. ton this week, but this level was initially resisted by
Turkish mills. For now, the domestic Midwest market remains steady,
and participants believe that the significant increase in US export offers
is in part the result of some in the market attempting to move ahead of
the April buy-week - for which expectations remain equally bullish.
This Weeks Scrap Market: Asia and India
TSI Benchmark Scrap Prices (US$/tonne)
-TSIs index for containerized Taiwanese imports of HMS #1&2 80:20

increased US$14/tonne to US$194/t CFR Taiwanese port this week.
ISRI grade scrap offer prices into Taiwan have been rising for the last
couple of weeks, with the reason being that India, Turkey and some
ASEAN countries have been willing to pay higher prices for scrap and
Taiwanese mills have been finding it difficult to compete with them for
material in a tightly supplied market. Taiwanese domestic longs
markets remain weak as stockists and end users in the region continue
to draw upon stocks rather than placing orders for finished steel given
globally rising spot prices. Mills have also been very cautious of
operating costs when considering the current spread between scrap
and domestic rebar prices. Although mills have, reluctantly, been willing
to pay higher prices for scrap, suppliers have been releasing small
volumes due to there still being a significant price gap with international
scrap prices.
-TSIs containerized shredded index for Indian imports rose
US$13/tonne to finish the week at US$223/t CFR Nhava Sheva port.
Increased Indian demand, coupled with rising international prices, has
meant Indian buyers have also had to hike their bids significantly to
meet their melting requirements. Scrap buyers have to compete for an
increasingly small pool of scrap, with some scrap merchants heard to
be holding on to material in the expectation of higher prices to come.
TSI Supplementary Scrap Reference Prices: Turkish Imports
Turkish Imports (CFR Marmara Port, Turkey)
Low*
High*
214
13 +6.5%
46 +27.4%
154
278
Shredded, deep-sea (US$/tonne)
226
13 +6.1%
46 +25.6%
175
292
Plate and Structural, deep-sea (US$/tonne)
231
13 +6.0%
46 +24.9%
181
A3, short-sea (US$/tonne)
1-week change
4-week change
Turkish Imports (CFR Iskenderun Port, Turkey)
298
*past 12 months
TSI Average Monthly Scrap Prices

Sep
Oct
Nov
Dec
Jan
Feb
Mar MTD
Turkish Imports: HMS 1/2 80:20, deep-sea (US$/tonne)
206.18
178.55
195.52
188.95
185.75
177.05
209.14
USA: Shredded (US$/long ton)
215.00
181.25
166.20
169.75
187.25
186.40
203.50
Taiwanese Imports: HMS 1/2 80:20 [containerized] (US$/tonne)
161.75
140.25
147.80
151.50
160.25
161.00
187.00
Indian Imports: Shredded [containerized] (US$/tonne)
223.75
193.50
200.60
203.00
205.50
202.40
216.50
Turkish Imports: A3, short-sea (US$/tonne)
183.75
160.00
180.00
173.25
179.00
173.00
207.50
Turkish Imports: Shredded, deep-sea (US$/tonne)
203.50
182.50
199.00
193.25
191.00
185.00
219.50
Turkish Imports: Plate and Structural, deep-sea (US$/tonne)
210.25
188.25
202.20
198.75
196.00
190.00
224.50
Scrap Steel Spreads

Spread: US Shredded Scrap to US HRC (US$/metric tonne)
Spreads: Turkish scrap imports to billet and rebar (US$/tonne)
Average Monthly Scrap Spreads (US$/metric tonne)
US HRC - US shredded scrap
Sep
Oct
Nov
Dec
Jan
Feb
Mar MTD
280.38
282.73
257.04
240.68
246.71
257.57
247.33
Black Sea Billet Exports - Turkish HMS 1/2 80:20 scrap imports
79.07
89.95
76.68
63.55
62.50
72.55
79.86
Turkish Rebar - Turkish HMS 1/2 80:20 scrap imports
155.57
151.70
142.68
134.30
137.25
145.95
n/a
Scrap Derivatives and News Headlines

Scrap Prices and Forward Curve for Turkish Imports (US$/tonne)
Platts Top Scrap News Headlines

March 18, 2016
-Taiwan mill accepts $195/mt CFR US container offers
-Turkish domestic ship scrap prices rise to $220/mt
-Turkish scrap prices continue to rise in bullish sentiment
Platts 2016
Additional Scrap Market Data

Turkish Imports by Origin (million tonnes)
US Scrap Exports by Destination (million tonnes)
Indicative Freight Rates to Turkey (US$/tonne)
Indicative Freight Rates to Asia (US$/tonne)
US Steel Mill Capacity Utilisation Rates
Scrap Iron Ore Fe Ratio
Exchange Rates
Turkish Lira/US$ Exchange Rate
Indian Rupee/US$ Exchange Rate
TSI Scrap Reference Product Specifications

Turkish Imports
Material:
Pricing Point:
Minimum lot size:
Timing:
Payment:
Currency/Units:
Heavy Melt Scrap (HMS) 1 & 2, blended in an 80:20 Mix. ISRI codes 200-206 inclusive. HMS1 wrought iron and steel
scrap and over in thickness. HMS2 wrought iron and steel scrap, black and galvanised 1/8 and over in thickness.
Grades 205 and 206 to exclude cast iron and thin gauge materials.
CFR Iskenderun port, Turkey
5,000 metric tonnes. 1,000 metric tonnes as part of a mixed cargo.
Loading within 30 working days
Cash/LOC
US Domestic
Material:
Pricing Point:
Minimum lot size:
Timing:
Payment:
Currency/Units:
Shredded obsolete scrap. ISRI codes 210-212 inclusive. Homogenous iron and steel scrap, magnetically separated.
Originating from automobiles, unprepared No.1 and No.2 steel, miscellaneous baling and sheet scrap. Average density 60
(50-70) pounds per cubic foot.
Delivered US Midwest mill (Ohio, Illinois, Indiana and bordering vicinities)
1,000 long tons
Delivery within 30 working days
Cash/LOC
US$ per long ton
Taiwanese Imports (Containerised)

Material:
Pricing Point:
Minimum lot size:
Transport:
Timing:
Payment:
Currency/Units:
CFR Kaohsiung Port, Taiwan
200 metric tonnes
20 foot shipping container
Cash/LOC
Indian Imports (Containerised)

Material:
Pricing Point:
Minimum lot size:
Transport:
Timing:
Payment:
Currency/Units:
Originating from automobiles, unprepared No.1 and No.2 steel, miscellaneous baling and sheet scrap. Average density 60
(50-70) pounds per cubic foot.
CFR Nhava Sheva port, India (West Coast)
200 metric tonnes
20 foot shipping container
Cash/LOC
Transactions for the following specifications are normalised to the relevant reference product
Turkish Imports
Material:
Material:
Material:
Originating from automobiles, unprepared no.1 & no. 2 steel, miscellaneous baling and sheet scrap. Average density 60 (5070) pounds per cubic foot.
Material:
Plate and Stuctural. ISRI codes 231, 232, 236 & 237. Cut structural and plate scrap, not less than in thickness, 5' in
length and under, less than 24 in width. Phosphorus or sulphur not over 0.05%.
Material:
Russian A3 scrap. Wrought iron and steel scrap and over in thickness
Material:
Bonus grade scrap. ISRI codes 229, 230, 231, 232, 233, 236, 237, 238, 241, 249 and/or IRSI railroad ferrous scrap.
Minimum lot sizes:

Deep-sea:
Short-sea:
Bonus Grade:
5,000 metric tonnes (1,000 metric tonnes as part of a mixed cargo)

1,000 metric tonnes
1,000 metric tonnes (as part of a mixed cargo)
US Domestic
Material:
Heavy Melt Scrap Number 1 (HMS). ISRI codes 200-202 inclusive. HMS1 wrought iron and steel scrap and over in
thickness, not over 60 inches x 18 inches, prepared in a manner to ensure compact charging.
Material:
Plate and Structural ISRI codes 231, 232, 236 & 237. Cut structural and plate scrap, not less than in thickness, 5' in
length and under, less than 24 in width. Phosphorus or sulphur not over 0.05%.
Indian Imports (Containerised)

Material:
Shredded obsolete scrap. ISRI code 210. Homogenous iron and steel scrap, magnetically separated. Originating from
automobiles, unprepared No.1 and No.2 steel, miscellaneous baling and sheet scrap. Average density 50 pounds per cubic
foot.
Material:
Shredded obsolete scrap. ISRI code 211. Homogenous iron and steel scrap, magnetically separated. Originating from
automobiles, unprepared No.1 and No.2 steel, miscellaneous baling and sheet scrap. Average density 70 pounds per cubic
foot.
Material:
UNITED KINGDOM
UNITED STATES
SINGAPORE
CHINA

Canary Wharf
London
E14 5LH

Suite 306
Pittsburgh
PA 15203

Tower 3
Singapore 018982
3301 Shanghai Plaza

Shanghai
200021
Tel: +44 20 7176 7667

Fax: +44 20 7176 7961
Tel: +1 412 431 0584

Fax: +1 412 431 4371
Tel: +65 6530-6413

Fax: +65 6532-2700
Tel: +86 21 5110 5459

Fax: +86 21 5110 5480
Phillip Whittaker
Kurt Fowler
Tim Hard
Julie Jiang
Sources: Platts, London Metal Exchange (LME), Turk Stat.

data has been obtained from various sources (listed above) and any copyright existing in such data shall remain the property of the source. Except for the foregoing, TSI retains all
copyright within this document. The copying or redistibution of any part of this document without the express written authority of TSI is forbidden.
March 28, 2016
Iron Ore Daily Edition
TSI Benchmark Iron Ore Prices

Iron Ore Fines, Chinese Imports
Low*
High*
62% Fe (CFR Tianjin Port, China)
55.2
1-Day Change
0.3 -0.5%
1-Week Change
2.8 -4.8%
4-Week Change
6.3 +12.9%
37.0
65.4
58% Fe, 1.5% Al (CFR Qingdao Port, China)
51.0
0.1 -0.2%
1.6 -3.0%
6.8 +15.4%
35.3
59.9
*past 12 months
To-date averages
Today's Iron Ore Market
MTD
QTD
Q-1TD
YTD
55.81
47.66
55.81
47.66
51.16
43.06
51.16
43.06
It was a quiet start to the week after the long

Easter weekend, though one full of mixed
signals. An Australian miner sold 61% Fe
basis PB Fines via tender between 55-56. It
later reportedly offered another cargo on a
62% Fe basis over globalORE at 56.9 (which
was bid at 53), as well as a cargo on COREX
at 56 basis 61% Fe. In China, the price of iron
ore stocked at port slipped slightly compared
with last week. The futures were down (DCE
lost 2.6% and SHFE rebar just over 0.5%)
though physical steel prices posted strong
gains over the weekend. Spot rebar prices
were RMB 100/t higher compared with last
Thursday; spot billet rose RMB 30/t during
the weekend and were flat today. Spot billet
prices in Tangshan were down RMB 40/t. All
prices US$/dmt CFR China unless otherwise
stated.
Rolling averages
5-day
10-day
15-day
30-day
56.78
55.53
56.95
52.98
51.82
50.88
52.63
48.28
TSI 62% Fe FOB Net Back / Implied Europe CFR (US$/dry tonne)
Implied FOB
Implied CFR Europe
Implied CFR Europe QTD
Brazil
49.50
52.65
44.87
W.Australia
52.20
India
49.95
TSI Benchmark Iron Ore Prices - Chinese Imports (US$/dmt)
TSI 62% Fe Iron Ore Swaps/Futures Assessment (US$/dmt)

Period
Price
Change (day-on-day)
March 16
56.00
-0.25
April 16
51.50
-3.25
May 16
50.00
-3.00
June 16
48.25
-3.00
Q2 16
50.00
-3.00
Q3 16
46.00
-0.50
Q4 16
43.25
-3.00
Calendar-17
36.25
-4.50
Forward prices assessed for TSI benchmark 62% Fe iron ore fines CFR Tianjin port
(18:30 Singapore time today)
TSI Supplementary Iron Ore Reference Prices

5-Day Average
MTD Average
QTD Average
Q-1M To Date*
62% Fe, 2% Al (CFR Qingdao Port, China)
55.5
57.08
+4.6%
56.11
+20.3%
47.96
+2.5%
56.11
+32.0%
63.5/63% Fe (CFR Qingdao Port, China)
55.8
57.38
+4.6%
56.41
+20.2%
48.29
+2.5%
56.41
+31.3%
65% Fe (CFR Qingdao Port, China)
59.1
60.68
+5.5%
59.16
+20.5%
50.66
+0.3%
59.16
+30.6%
Full specifications for all indices are shown on page 4. The supplementary reference prices are derived from the same transaction data sample as TSI's indices in the table at the
top of this page, with appropriate value-in-use adjustments made for Fe content, impurities and delivery port. Financial forward contracts settle against TSI's benchmark 62% Fe
and 58% Fe 1.5% Alumina indices.
To view full price histories, different currencies and units over time periods of your choice, log-in to TSI Price Analyser www.thesteelindex.com
The Steel Index is owned by Platts, part of McGraw Hill Financial
Price Guides for Chinese Port Stocks and Domestic Iron Ore
Port Stock Price, 62% Fe import parity
equivalent (US$/dmt)
53.0-54.0
1-day change 1-week change

(US$/dmt)
(US$/dmt)
-0.5
Domestic 65% Fe concentrate ex-Shandong mine D/A 1-week change

payment basis (RMB/dmt)
(RMB/dmt)
-3.5
505-525
Chinese Iron Ore Port Stocks Price (US$/dmt)
Port stocks prices normalised to TSI 62% Fe index specification. Dollar

prices adjusted for moisture, port fees (various), VAT and prevailing
exchange rate. Minimum price change = US$0.50/dmt.
Chinese Domestic Iron Ore Price
Price for 65% Fe concentrate, ex-works, Shandong mine (RMB/dmt

including VAT). Payment by D/A. Prices updated weekly on Friday.
Minimum price change RMB 5/dmt.
Port Stocks
Iron Ore Stock - Total at Major Chinese Ports (Million Tonnes)
Iron Ore Stock - 4 Major Chinese Ports (Million Tonnes)
Steel and Iron Ore Pricing

Asian HRC Steel Prices ($/t) v 62% Fe Iron Ore Price (US$/dmt)
US & N Europe HRC Prices v 62% Fe Iron Ore Price (US$/dmt)
Iron Ore Imports, Freight and Port Congestion

Chinese Iron Ore Imports by Origin (million tonnes)
Indicative Freight Rates to China (US$/tonne)
Average Load Time - Australia (days)
Average Waiting Time for Berth - 4 Major Chinese Ports (days)
Iron Ore, Steel and Freight Derivatives Outlook

TSI 62% Fe Fines Spot and Forward Curve (US$/dry tonne)
Steel Futures (US$/tonne)
Freight Forward Prices (voyage basis US$/wet tonne)

Voyage
Size
Load Port
Disch. Port
Mar-16
Apr-16
Q1 16
Q2 16
Q3 16
Cal 17
India-China
50kt
Goa
Qingdao
$5.75
$7.00
$7.00
$7.00
$7.00
$7.00
India-China
70kt
Australia-China
150kt
Goa
Qingdao
$4.20
$5.00
$5.00
$5.00
$6.00
$6.00
W.Australia
Qingdao
$3.08
$3.30
$3.40
$3.63
$4.00
$4.00
Brazil-China
150kt
Tubarao
Qingdao
$5.70
$6.13
$6.50
$7.63
$9.00
$9.00
Iron Ore Reference Product Specifications
Sinter Fines:
Pricing Point:
Minimum lot size:
Timing:
Payment:
Currency/Units:
Granular size below 10mm for at least 90% of the cargo, with maximum of 40% below 150 micron
CFRFO China port
20,000 metric tonnes
Loading within 4 weeks and delivery within 8 weeks of transaction
At sight
US$ per dry metric tonne
62% Fe Index
58% Fe 1.5% Al Index
62% Fe 2% Al Index
63.5/63% Fe Index
65% Fe Index
62%
8.00%
3.50%
4.00%
0.07%
0.05%
Tianjin
58%
9.00%
1.50%
5.50%
0.04%
0.02%
Qingdao
62%
7.50%
2.00%
4.50%
0.09%
0.02%
Qingdao
63.5/63%
8.00%
3.50%
4.00%
0.07%
0.05%
Qingdao
65%
8.00%
1.00%
3.00%
0.07%
0.05%
Qingdao
Fe content:
Moisture:
Alumina:
Silica:
Phosphorus:
Sulphur:
Delivery port:
Transactions for products with specifications within the following ranges are normalised to the relevant reference product above:
Fe content:
Moisture:
Alumina:
Silica:
Phosphorus:
Sulphur:
>60%-66%
10% max
4% max
9% max
0.15% max
0.07% max
55%-60%
10% max
3% max
8% max
0.10% max
0.05% max
>60%-66%
10% max
4% max
9% max
0.15% max
0.07% max
>60%-66%
10% max
4% max
9% max
0.15% max
0.07% max
>60%-66%
10% max
4% max
9% max
0.15% max
0.07% max
Value-in-use Differentials for Fe and Impurities (Average Spot Market Values for Chinese Imports)
High Grade Fines (60-66% Fe)
Applicable
Range
Low Grade Fines (55-60% Fe)
Average VIU
Differential (US$/dmt)
1-day change
(US$/dmt)
Applicable
Range
Average VIU
Differential (US$/dmt)
1-day change
(US$/dmt)
Per 1% Fe
60-63.5% Fe
0.60
0.00
Per 1% Fe
56-60% Fe
1.00
0.00
Per 1% Fe
63.5-66% Fe
1.00
0.00
Per 1% Al
up to 5% Al
1.00
0.00
Per 1% Al
up to 4% Al
0.65
0.00
Per 1% Si
4-9% Si
0.50
0.00
Per 1% Si
up to 4% Si
0.00
0.00
0.00
0.00
Per 1% Si
4-9% Si
0.25
0.00
0.40
0.00
Per 0.01% P 0.08-0.15% P
Per 0.01% P 0.08-0.15% P

Data Exclusions*
TSI indices are compiled from data provided by companies that are part of the iron ore
supply chain and involved in spot market transactions. The indices are calculated using
detailed transaction-level data submitted to TSI by these companies. This data is
normalised to the appropriate specifications and screened to remove outliers before
volume-weighted average prices are calculated from the remaining core set of data.
62% Fe fines, CFR Tianjin Port:

0
58% Fe, 1.5% Al fines, CFR Qingdao Port: 0
* Number of price submissions for iron ore benchmark indices
that were excluded from index calculations today as they were
anomalous and could not be verified
For more details on TSI's iron ore methodology please download the guide published on
our website at: www.thesteelindex.com/en/procedures-methodology/
SINGAPORE
CHINA
UNITED KINGDOM
UNITED STATES

Tower 3
Singapore 018982
3301 Shanghai Plaza

Shanghai
200021

Canary Wharf
London
E14 5LH

Suite 306
Pittsburgh
PA 15203
Tel: +65 6530 6413

Fax: +65 6532-2700
Tel: +86 21 5110 5468

Fax: +86 21 5110 5480
Tel: +44 20 7176 7667

Fax: +44 20 7176 7961
Tel: +1 412 431 0584

Fax: +1 412 431 4371
Tim Hard
Oscar Tarneberg
Steven Randall
Kurt Fowler
Sources: Barry Rogliano Salles (BRS); China Customs; Freight Investor Services Ltd (FIS); Simpson Spence & Young Ltd (SSY); Platts; Singapore Exchange (SGX), Shanghai
Futures Exchange (SHFE)
data has been obtained from various sources (listed above) and any copyright existing in such data shall remain the property of the source. Except for the foregoing, TSI retains all
copyright within this document. The copying or redistribution of any part of this document without the express written authority of TSI is forbidden.
March 28, 2016
Coking Coal Daily Edition
TSI Coking Coal Reference Prices

Australian Exports (FOB Port East Coast Australia)
1-day change
1-week change
4-week change
Low*
High*
Premium Coking Coal
85.1
= 0.0 0.0%
0.8 -0.9%
7.7 +9.9%
73.4
102.3
Hard Coking Coal
75.7
= 0.0 0.0%
0.2 +0.3%
1.4 +1.9%
70.9
93.3
Premium JM25 Coking Coal
86.5
= 0.0 0.0%
0.8 +0.9%
5.9 +7.3%
77.4
104.7
Mid-Vol JM25 Coking Coal
83.2
= 0.0 0.0%
0.4 +0.5%
4.6 +5.9%
76.7
103.3
Hard JM25 Coking Coal
82.6
= 0.0 0.0%
0.2 +0.2%
4.3 +5.5%
75.5
98.8
Chinese Imports (CFR Jingtang Port, China)
*Past 12 Months
TSI Coking Coal Benchmark Prices - Premium Coals (US$/tonne)
TSI Coking Coal Reference Prices - Hard Coals (US$/tonne)
Today's Coking Coal Market
Indicative Freight Rates from Australia (US$/tonne)
The coking coal market is currently at an impasse as buyers shun

offers, believing anything above benchmark to be ridiculous whilst
sellers are adamant that tight supply necessitates a level above the
recent US$84/tonne settlement. As it stands, with all CFR and FOB
indices unchanged today, the market is yet to agree on a new, postbenchmark level for spot.
Platts News Headlines
March 28, 2016
- Chinese billet prices firm in quiet market in East Asia
- China HRC mills shun export offers on home volatility
- How long can the steel price party last? - Analysis
Platts
TSI Average Monthly Coking Coal Prices
Premium Coking Coal, FOB Port East Coast Australia
Sep
Oct
Nov
Dec
Jan
Feb
Mar MTD
82.02
79.51
75.12
77.38
76.85
75.92
82.79
Hard Coking Coal, FOB Port East Coast Australia
73.65
73.96
71.64
72.08
73.07
72.56
74.71
Premium JM25 Coking Coal, CFR Jingtang Port, China
87.53
85.93
80.02
79.60
80.89
78.19
84.22
Mid-Vol JM25 Coking Coal, CFR Jingtang Port, China
83.28
83.17
78.53
78.23
79.67
77.00
81.56
Hard JM25 Coking Coal, CFR Jingtang Port, China
80.23
81.61
77.46
77.10
78.30
75.88
80.35
your company or organisation or business associates whatsoever which in anyway results from the use, reliance or application of such content material and/or information.
Steel and Iron Ore Pricing

US & N Europe HRC Steel v Premium HCC FOB Aus (US$/t)
Asian HRC Steel Imports v Premium JM25 HCC (US$/t)
TSI 62%Fe Iron Ore vs Premium JM25 HCC (Chinese Imports)
Indicative Crude Steel Costs v Asian HRC Steel Price (US$/t)
Port Congestion
Average Load Time - Australia (days)
Average Waiting Time for Berth - All Chinese Ports (days)
Qualifying Coking Coals
Premium Coking Coals
Australian Exports
German Creek, Goonyella, Hail Creek, Illawarra, Moranbah North,
North Goonyella, Oaky Creek, Oaky North, Peak Downs, Peak Downs
North, Riverside, Saraji, Wollombi and blended coals
Chinese Imports
Blue Creek No.7, Chipanga, Elkview, Elkview II, German Creek,
Goonyella, Grizzly Creek, Hail Creek, Illawarra, Moranbah North, North
Goonyella, Oaky/Oaky Creek, Peak Downs, Peak Downs North,
Premium, Riverside, Saraji, Standard, Wollombi and blended coals
Hard Coking Coals
Australian Exports
Burton, Carborough Downs, Curragh, Dawson, Gregory, Lake Vermont,
Mavis Downs, Metropolitan Hard, Tahmoor and blended coals
Chinese Imports
Burton, Carborough Downs, Curragh, Dawson, Gregory, Lake Vermont,
Mavis Downs, Metropolitan Hard, Peace River, Polar Ridge, Tahmoor,
Tuhup, Venture and blended coals
Coking Coal Reference Product Specifications
Particle Size:
Minimum Lot Size:
Transport:
Timing:
Payment:
Currency/Units:
Below 55mm for at least 90% of the cargo

15,000 metric tonnes
Bulk Shipment
Loading within 60 days of transaction
At sight
Australian Exports (FOB E Coast Port)
CSR:
Volatile Matter (air dried):
Ash (air dried):
Total Moisture (as received):
Sulphur (air dried):
Phosphorous (air dried):
Rvmax:
Fluidity (ddpm):
Free Swelling Index (FSI):
Total Dilatation:
Vitrinite:
G Index:
Y Index:
Chinese Imports (CFR Jingtang Port)
Premium
Hard
Premium JM25
Mid-Vol JM25
Hard JM25
71%
21.0%
10.0%
10.0%
0.45%
0.05%
1.35%
600
8
80%
68%
-
65%
24.0%
7.5%
10.0%
0.60%
0.06%
1.15%
1100
7
100%
60%
-
71%
21.0%
10.0%
10.0%
0.45%
0.05%
83
16
69%
23.0%
10.0%
10.0%
0.50%
0.04%
80
14
65%
24.0%
7.5%
10.0%
0.60%
0.06%
75
12
Transactions for products with specifications within the following ranges are normalised to the relevant reference product above:
CSR:
Volatile Matter (air dried):
Ash (air dried):
Total Moisture (as received):
Sulphur (air dried):
Phosphorous (air dried):
Rvmax:
Fluidity (ddpm):
Free Swelling Index (FSI):
Vitrinite:
G Index:
Y Index:
67% min
18-25%
11% max
12% max
0.8%max
0.09% max
1.15% min
no limit
7 min
50% min
-
57-67%
16-28%
11% max
12% max
0.8% max
0.09% max
1.00% min
7500 max
6 min
40% min
-
67% min
18-26%
11% max
12% max
0.8% max
0.09% max
65 min
25 max
67-73%
20-26%
11% max
12% max
0.8% max
0.09% max
65 min
25 max
57-67%
20-27%
11% max
12% max
0.8% max
0.09% max
65 min
25 max

Data Exclusions*
TSI indices are compiled from data provided by companies that are part of the coking coal
supply chain and involved in spot market transactions. The indices are calculated using
detailed transaction-level data submitted to TSI by these companies. This data is normalised
to the appropriate specifications and screened to remove outliers before volume-weighted
average prices are calculated from the remaining core set of data.
Premium Coking Coal, FOB Australia:

0
Premium JM25 Coking Coal, CFR China: 0
* Number of price submissions for benchmark indices that
were excluded from index calculations today as they were
anomalous and could not be verified
For more details on TSI's coking coal methodology please download the guide published on
our website at: www.thesteelindex.com/en/procedures-methodology/
Sources: Shanghai Shipping Exchange (China freight rates); Bulk Marine (India freight rates); SSY (Chinese berth waiting times); SX Coal (freight loading times)
SINGAPORE
CHINA
UNITED KINGDOM
UNITED STATES

Tower 3
Singapore 018982
3301 Shanghai Plaza

Shanghai
200021

Canary Wharf
London
E14 5LH

Suite 306
Pittsburgh
PA 15203
Tel: +65 6216-1056

Fax: +65 6532-2700
Tel: +86 21 5110 5485

Fax: +86 21 5110 5480
Tel: +44 20 7176 7667

Fax: +44 20 7176 7961
Tel: +1 412 431 0584

Fax: +1 412 431 4371
Ng Jing Zhi (JZ)

Julie Jiang
Steven Randall
Kurt Fowler
Reference Prices for Week of March 14 - 20, 2016 (Week 11)

The Steel Index Reference Prices (Domestic Markets)
USA (FOB Midwest Mill)
1-week change
4-week change
Low*
High*
HRC (USD/short ton)**
412
+1.5%
12
+3.0%
364
476
CRC (USD/short ton)
577
14
+2.5%
33
+6.1%
486
599
HD Galv (USD/short ton)
615
+0.8%
49
+8.7%
534
668
Plate (USD/short ton)
490
+0.8%
19
+4.0%
449
641
HRC (EUR/tonne)**
338
+1.5%
14
+4.3%
314
405
CRC (EUR/tonne)
426
+1.4%
28
+7.0%
394
492
HD Galv (EUR/tonne)
462
+0.7%
28
+6.5%
430
519
Plate (EUR/tonne)
373
+0.8%
+1.1%
368
493
Rebar (EUR/tonne)
349
+0.3%
-1.7%
346
420
N.Europe (Ex-mill)
S.Europe (Ex-mill)
HRC (EUR/tonne)**
311
13
+4.4%
22
+7.6%
276
400
CRC (EUR/tonne)
410
18
+4.6%
38
+10.2%
350
472
HD Galv (EUR/tonne)
443
+1.1%
28
+6.7%
391
508
Plate (EUR/tonne)
355
16
+4.7%
29
+8.9%
324
472
Rebar (EUR/tonne)
326
+0.6%
22
-6.3%
324
431
Turkey (Ex-mill)
HRC (USD/tonne)
416
16
+4.0%
95
+29.6%
311
442
CRC (USD/tonne)
515
+1.4%
102
+24.7%
404
565
HD Galv (USD/tonne)
638
+1.3%
83
+15.0%
543
665
646
+2.0%
+14.2%
28,666
36,903
India (DDP Mumbai)

HRC (INR/tonne)
32,952
*Past 12 months **Prices shown are weekly averages of daily prices
The Steel Index Reference Prices (Exports/Imports)

Chinese Exports (FOB China Port)
1-week change
4-week change
Low*
High*
HRC (USD/tonne)
343
28
+8.9%
66
+23.8%
256
378
CRC (USD/tonne)
404
25
+6.6%
64
+18.8%
294
447
HRC [SAE] (USD/tonne)**
368
14
+4.0%
73
+24.7%
271
396
CRC (USD/tonne)
414
26
+6.7%
56
+15.6%
307
455
Plate (USD/tonne)
346
-0.9%
71
+25.8%
267
385
Asean Imports (CFR Asean Port)
*Past 12 months **SAE grade. Price shown is weekly average of daily prices
The Steel Index Reference Prices (Domestic Markets)

N.Europe (Ex-mill)
Stainless CRC 304 (EUR/tonne)**
1-week change
1,825
95
4-week change
-4.9%
175
-8.8%
Low*
High*
1,825
2,228
*Past 12 months **Under development
To view prices in different currencies log-in to:
Use of the information presented here is at your sole risk, and any content, material and/or data presented or otherwise obtained through your use of the information
in this document is at your own discretion and risk and you will be solely responsible for any damage to you personally or your company or organisation or business
associates whatsoever which in anyway results from the use, reliance or application of such content material and/or data and/or information.
Average Delivery Lead-Times for Week of March 14 - 20, 2016 (Week 11)
Western Europe (domestic mill)
Average Delivery Lead-Times - N. Europe (Weeks)
Average Delivery Lead-Times - S. Europe (Weeks)
USA (domestic mill)
Turkey (domestic mill)
Average Delivery Lead-Times - USA (Weeks)
Average Delivery Lead-Times - Turkey (Weeks)
ASEAN Imports
China Exports
Average Delivery Lead-Times - ASEAN Imports (Weeks)
Average Delivery Lead-Times - China Exports (Weeks)
** HRC delivery lead-times shown for Europe, USA and ASEAN Imports are weekly averages of daily data
Rebar - Billet Price Spreads for Week of March 14 - 20, 2016 (Week 11) **
European Rebar - Black Sea Billet Price Spreads
Europe
1-week change
4-week change
Low*
High*
156
N.Europe Rebar-Billet Spread (USD/tonne)
79
14
-15.1%
71
-47.3%
70
S.Europe Rebar-Billet Spread (USD/tonne)
53
30
-36.1%
89
-62.7%
53
154
* past 12 months
Price Spreads History: European Rebar - Black Sea Billet Exports

Northern Europe Rebar - Black Sea Billet Spread (US$/tonne)
Southern Europe Rebar - Black Sea Billet Spread (US$/tonne)
Rebar Prices: Europe (Domestic)

North and South European Domestic Rebar Prices (US$/tonne)
Billet Price: Black Sea Export

Billet Price - FOB Black Sea Export [Platts] (US$/tonne)
Rebar prices are TSI weekly prices for Northern and Southern Europe
Black Sea Billet Export prices are weekly averages of daily prices reported by Platts
**Differential between TSI's weekly rebar reference prices (converted into US$ at prevailing exchange rates) and the weekly average Platts FOB Black
Sea Billet Export price
To view prices in different currencies log-in to:
Reference Price History: April 2014 to March 2016 *

USA (FOB Midwest Mill)
Reference Prices - USA Domestic (US$/short ton)
Reference Prices - USA Domestic (US$/short ton)
Northern Europe - Ex-works (domestic mill)

Reference Prices - N. Europe Domestic (Euro/tonne)
Reference Prices - N. Europe Domestic (Euro/tonne)
Southern Europe - Ex-works (domestic mill)

Reference Prices - S. Europe Domestic (Euro/tonne)
Reference Prices - S. Europe Domestic (Euro/tonne)
* Monthly averages
To view full price histories over time periods of your choice, log-in to:
Reference Price History: April 2014 to March 2016 *

Turkey Ex-works (domestic mill)
Stainless Steel Europe - Ex-works (domestic mill)
Reference Prices - Turkey Domestic (US$/tonne)
Reference Price - N.Europe Stainless (Euro/tonne)
ASEAN Imports - CFR ASEAN Port
China Exports - FOB Stowed China Port
Reference Prices - ASEAN Imports (US$/tonne)
Reference Prices - China Exports (US$/tonne)
* Monthly averages
To view full price histories in different currencies log-in to:
Average Delivery Lead-Time History: April 2014 to March 2016 *

USA - FOB Midwest Mill (domestic)
Northern Europe - Ex-works (domestic)

Southern Europe - Ex-works (domestic)

* Monthly averages
To view full histories of average delivery lead-times visit the website:
Average Delivery Lead-Time History: April 2014 to March 2016 *

Turkey - Ex-works (domestic mill)
Stainless Steel Europe - Ex-works (domestic mill)
Average Delivery Lead-Times - Turkey (Weeks)
Average Delivery Lead Times - N.Europe Stainless (Weeks)
ASEAN Imports - CFR ASEAN Port
China Exports - FOB Stowed China Port
Average Delivery Lead-Times - ASEAN Imports (Weeks)
Average Delivery Lead-Times - China Exports (Weeks)
* Monthly averages
UNITED KINGDOM
CHINA
SINGAPORE
UNITED STATES

Canary Wharf
London
E14 5LH
3301 Shanghai Plaza

Shanghai
200021

Tower 3
Singapore 018982

Suite 306
Pittsburgh
PA 15203
Tel: +44 20 7176 7667

Fax: +44 20 7176 7961
Tel: +86 21 5110 5485

Fax: +86 21 5110 5480
Tel: +65 6216-1057

Fax: +65 6532-2700
Tel: +1 412 431 0584

Fax: +1 412 431 4371
Vaseem Karbhari
Julie Jiang
Terry Chuay
Kurt Fowler
For further details of the methodology used log-in to the website:
February 2015
Summary
Contact TSI:
US HR coil prices continued their slump in February, as spot prices in the US Midwest plummet-
ed to below US$500/short ton. Transaction activity almost ground to a halt in some weeks as the
reality of high inventories in the supply chain and the uncertainty of falling prices began to bite.
Rising spot prices in the European steel market prompted confident producers to push for high-
er offers for Q2 orders. But from the middle of the month weak demand and competitive imports
dampened sentiment and in turn suppressed further coil price rises.
A flurry of export deals closed at lower levels after Chinese mills rushed to secure orders prior
to the Lunar New Year holiday shutdown. After returning from the holidays, the trend reversed
as sellers raised offer levels and still managed to attract some buyers.
Vaseem Karbhari
Tel: +44 20 7176 7667
Terence Soh
Tel: +86 21 5110 5490
Kurt Fowler
Tel: +1 412 431 0584
TSI Weekly Steel Hot Rolled Coil Reference Prices (change week-on-week)
Benchmark Indices
Feb 2-8
Feb 9-15
Feb 16-22
Feb 23-Mar 01
Northern Europe, Ex-Works (/tonne)*
413
+1.5%
414
+0.2%
410
-1.0%
406
-1.0%
Southern Europe, Ex-Works (/tonne)*
401
+1.5%
405
+1.0%
403
-0.5%
399
-1.0%
ASEAN Imports, CFR ASEAN Port (US$/tonne)*
409
-4.4%
393
-2.7%
394
-1.0%
391
-0.8%
USA, FOB Midwest Mill (US$/short ton)*
547
-1.8%
529
-3.3%
519
-1.9%
502
-3.3%
Turkey , Ex-Works (US$/tonne)
498
0.0%
468
-6.0%
464
-0.9%
454
-2.2%
377
-4.6%
368
-2.4%
365
-0.8%
377
+3.3%
37,594
-1.4%
36,854
-2.0%
36,736
-0.3%
37,062
+0.9%
Chinese Exports, FOB China Port (US$/tonne)

India, Deliv ered, Duty Paid, Mumbai (Rs/tonne)
TSI Hot Rolled Coil Monthly Average Prices (change month-on-month)

Benchmark Indices
November
December
January
February
Northern Europe, Ex-Works (/tonne)
411.15
-2.5%
406.29
-1.2%
405.14
-1.2%
410.70
Southern Europe, Ex-Works (/tonne)
406.35
-2.8%
393.14
-3.3%
389.62
-3.5%
402.05
+3.2%
ASEAN Imports, CFR ASEAN Port (US$/tonne)* *
497.00
-0.7%
481.23
-3.2%
449.38
-6.6%
398.28
-11.4%
USA, FOB Midwest Mill (US$/short ton)
643.30
-1.0%
617.81
-4.0%
583.67
-5.5%
524.25
-10.2%
Turkey , Ex-Works (US$/tonne)
555.25
-4.2%
521.20
-6.1%
508.50
-2.4%
471.00
-7.4%
Chinese Exports, FOB China Port (US$/tonne)
463.75
-2.9%
455.20
-1.8%
420.00
-7.7%
371.75
-11.5%
-3.3%
39,004.20
-2.5%
38,565.50
-1.1%
37,061.50
-3.9%
India, Deliv ered, Duty Paid, Mumbai (Rs/tonne) 40,003.25
+1.4%
*Average of TSI's daily prices rounded to nearest whole number, **SAE grade
United States
US Midwest HR coil Spot Prices (FOB Mill, US$/short ton)

700
580
550
520
The volatility and price uncertainty in domestic markets also prompted

many traders to halt imports. The timing risk associated with booking
import material which would arrive at a time when domestic markets
were still experiencing price falls was too much for some.
Continued on next page
The Steel Index 2015 page 1
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
490
Apr-14
Indeed, in contrast to last months price decline, the February fall was
accompanied by an acute slowdown in transaction activity. Mills exhibited
textbook price-taker behaviour, accepting almost all bids
regardless of the tons as one market source put it.
610
Mar-14
Prices trended steeply downwards throughout the month to bring spot

levels US$100/s. ton lower than two months ago and setting new multiple-year lows each week. Many service centres had mentioned they
stopped placing orders altogether, with far too much price uncertainty
hampering purchases.
640
Feb-14
TSIs daily US HR coil index crashed through the US$500/short ton

(FOB Midwest Mill) floor on the final day of the month finishing at
US$493/s. ton, with deals closing as low as US$480/s. ton in the final
week.
670
Jan-14
HR coil steel prices nose-dived in February, continuing on from the

collapse witnessed the month before, as purchasing activity slowed
sharply and an overhang of supply continued to contribute to the price
decline.
Source: TSI
February 2015
USA continued...
US Weekly Capacity Utilisation (%)
Capacity utilisation dipped below the 75% level in February and then fell
sharply to 70.1%, its lowest level since November 2012 according to
initial weekly estimates from the American Iron & Steel Institute (AISI).
As a consequence, the February average was -3.5% lower month-onmonth at 73%.
82
80
78
76
AISI reported a heavy fall in crude steel output (-5.6% m-o-m), averaging 1.565 million metric tonnes in January according to weekly data. As
capacity utilisation rates indicate, there was a significant fall in the second half of the month.
74
Preliminary flat carbon steel import data for February registered a heavy
m-o-m fall of -14% to 1.33 million mt. However, volumes were +27%
higher y-o-y according to data released by the US Dept of Commerce.
68
Northern & Southern Europe
70
Feb 01, 2014

Feb 15, 2014
Mar 01, 2014
Mar 15, 2014
Mar 29, 2014
Apr 12, 2014
Apr 26, 2014
May 10, 2014
May 24, 2014
Jun 07, 2014
Jun 21, 2014
Jul 05, 2014
Jul 19, 2014
Aug 02, 2014
Aug 16, 2014
Aug 30, 2014
Sep 13, 2014
Sep 27, 2014
Oct 11, 2014
Oct 25, 2014
Nov 08, 2014
Nov 23, 2014
Dec 06, 2014
Dec 20, 2014
Jan 03, 2015
Jan 17, 2015
Jan 31, 2015
Feb 14, 2015
Feb 28, 2015
Steel Import Monitor & Analysis (SIMA) February data showed a large
decline in import tonnages from Brazil (-55.6% m-o-m) to just under
67kt and from South Korea (-30.9% m-o-m) to 206kt. There were equally steep declines in import volumes from within the NAFTA region.
Some of this was offset by a strong increase from the Indian subcontinent with volumes totaling 64kt. Japanese data was also higher
(+25% m-o-m) to 77kt.
72
Source: AISI
US Flat Steel Imports (million tonnes) & HRC Spreads (US$/tonne)

2.0
250
US Domestic vs Chinese Exports
1.6
225
1.2
Despite pressure from lower-priced imports, South European HRC prices remained stable, with TSIs index moving sideways just above the
400/t mark for most of the month. Producers offers stood in the 400405/t range, but prices for larger-volume deals fell closer to the 395/t
mark by the end of the month.
Problems at Ilva continued, with the truck drivers strike blocking deliveries from the production site and allowing other suppliers to fulfil orders
instead. Furthermore, the company announced plans to idle its largest
blast furnace from March 19, leading to output cuts of up to 40%.
Crude steel production in the EU in January totalled 14.4 million tonnes,
posting a -1.1% y-o-y decrease. Spain recorded a strong +12% y-o-y
increase, while both Italian and French crude output fell by 11% y-o-y.
German production grew by +0.5% y-o-y.
According to the German Association of Steel Distribution (BDS), the
pace of restocking in January slowed down compared to the previous
years. Total inventory levels fell to 2.3 million tonnes, -5% lower than a
year before. Sales of flat products in January were 539kt, up significantly on December sales (as is typical each year), but still -11% lower than
in January 2014.
ArcelorMittal reported financial results for Q4 2014 in which the European segment recorded its fourth consecutive quarterly operational profit
of 122 million.
India
175
0.4
Feb-15
Jan-15
Nov-14
Dec-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
Apr-14
May-14
150
Feb-14
0.0
Mar-14
Being reasonably well-booked with contract orders, North European

producers started to push through increases for Q2 bookings, aiming to
lift HRC prices by a further 10-20/t. However, sufficiently weak demand
in the spot market and low raw material prices shifted negotiating power
to the buyers, who managed to obtain some discounts to the official
asking prices instead. By month-end, the prevailing trading range for
North European HRC declined to 400-410/t.
200
0.8
Jan-14
Bucking the global trend, European coil prices increased in the first half
of February, with TSIs North and South European HRC indices reaching 415/tonne and 405/tonne respectively.
Sources: AISI, TSI; Final two months preliminary SIMA values
EU Crude Steel Output ('000 tonnes)

2013
16,000
2014
2015
15,000
14,000
13,000
12,000
11,000
10,000
9,000
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec

Source: WSA
German Distributors' Steel Inventories ('000 tonnes)

2,800
2,700
2,600
2,500
2,400
2,300
2,200
2,100
Jan-15
Sep-14
Nov-14
Jul-14
Mar-14
May-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Jan-13
Mar-13
Nov-12
Jul-12
Sep-12
Mar-12
May-12
Jan-12
Sep-11
Nov-11
Jul-11
Mar-11
May-11
2,000
Jan-11
Domestic steel prices in Mumbai remain close to multiple-year lows

after the recent annual budget proved to be a false dawn for domestic
producers expecting a hike in the tariff rate on steel imports. There was
an announcement to increase this from 10% to 15%, but the ambiguous
wording of the budget suggests a change would not be imminent. TSIs
index fell 3.9% m-o-m to Rs37,062/tonne DDP Mumbai in February.
Source: BDS
February 2015
Asia
Trade Data
5.0
4.0
3.0
2.0
1.0
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
0.0
Source: China Customs
Chinese Crude Steel Production (CISA Mills) - 10-day Annualized Output (m t)

700
35%
y-o-y change (RHS)
650
600
550
-5%
North European HR coil swaps (basis-TSI) traded on several

occasions in February as participants locked in forward prices as
far out as June 2015. Most activity and volumes were concentrated on the front months (April and May 2015).
The forward curve, as of March 5, 2015 was in a very slight contango on the nearby swap periods, pricing in a 0.50/tonne premium over the benchmark spot price on that day. For Q4 2015 onwards the curve was a little steeper, with the premium rising to
just under 20/t into Q1 2016.
February rounds off 12 months since the launch of SGXs ASEAN
HR coil swaps and futures contracts (basis TSI). To-date, a total
of over 125kt of swaps and futures contracts have cleared, with
open interest at 8kt (as of March 5, 2015).
ASEAN HR Coil Imports (CFR ASEAN Port, US$/tonne)
560
540
520
500
480
460
440
420
400
Feb-17
Nov-16
Aug-16
380
May-16
The declining trend in Turkeys steel production continued in January,

as crude steel output totalled 2.58 million tonnes, a -10% y-o-y decrease, the Turkish Steel Producers Association reported. Production
of billet and slab fell to 1.89 million tonnes (-6.8% y-o-y) and 692kt (18.9% y-o-y) respectively.
Derivatives & Futures
Feb-16
The Turkish Steel Exporters Union reported that the countrys steel
exports during Jan-Feb this year showed a significant decline of -12.8%
y-o-y to 2.6 million tonnes. The Middle East remained the main destination for Turkish exports, accounting for 1.1 million tonnes (+7.1% y-o-y).
Meanwhile, flat steel imports in January increased +10% y-o-y to 562kt.
Source: CISA
Nov-15
But this price level did not prove to be attractive, and by the end of February mills dropped their offer prices again, closer to the US$450/t mark.
Although producers tried to stop price erosion at this level, biggervolume buyers were able to obtain further discounts.
-15%
Aug-15
-10%
400
May-15
Strong competition from international markets, in particular cheaplypriced Chinese and CIS import offers, coupled with sharp falls in scrap
prices, put downward pressure on Turkish domestic coil prices. Faced
with a stagnant market, Turkish mills were forced to decrease their offers and TSIs HRC index fell to US$468/tonne (-US$30/t 1-week
change) by mid-month.
15%
0%
Feb-15
20%
5%
500
Nov-14
Turkey
25%
10%
Aug-14
The Iron & Steel Institute of Thailand reported that steel imports into the
country in 2014 totalled 11.9 million tonnes (-2.9% y-o-y), while exports
stood at 1.4 million tonnes (-3.1% y-o-y). Unsurprisingly, Japan, China
and South Korea were the top three steel exporters into Thailand, with
5.09, 3.39 and 1.47 million tonnes respectively in 2014.
30%
Feb 11-20
Feb 1-10
Jan 21-31
Jan 11-20
Jan 1-10
Dec 21-31
Dec 11-20
Dec 1-10
Nov 21-30
Nov 11-20
Nov 1-10
Oct 21-31
Oct 11-20
Oct 1-10
Sep 21-30
Sep 11-20
Sep 1-10
Aug 21-31
Aug 11-20
Aug 1-10
July 21-31
July 11-20
July 1-10
June 21-30
June 11-20
June 1-10
May 21-31
May 11-20
May 1-10
Apr 21-30
Apr 11-20
Apr 1-10
Mar 21-31
Mar 11-20
Mar 1-10
Feb 21-28
Feb 11-20
Feb 1-10
According to the Korean Iron and Steel Association, in January 2015

South Korean HRC imports increased to 584kt (+11% m-o-m) as competitively-priced Chinese material appealed to domestic buyers. HRC
exports in January fell by 27% m-o-m to 162kt. Production of HRC
grew by +4% y-o-y to 37 million tonnes in 2014, despite a downtrend in
HRC prices in the second half of the year.
6.0
450
The Japan Iron and Steel Federation reported that HR coil exports from
the country in January fell by 13% m-o-m to 974kt, a decrease attributed to fierce competition for sales with cheaper-priced Chinese export
offers.
7.0
670
638
639
656
666
657
645
669
670
649
662
660
641
664
668
612
655
652
652
658
643
608
597
599
625
638
650
629
652
618
616
594
598
The Vietnam Steel Association reported that the total production capacity of the countrys steel sector is estimated to be 22 million tonnes, almost double domestic consumption. The association forecast that the
steel sector will register +11.8% growth this year after growing +12% yo-y in 2014.
8.0
May-14
Chinas steel industry PMI slightly improved in February compared to

the previous month by 2.1 points to 45.1, showing the highest reading in
the past four months, but still below the 50 mark for 10 months now.
Sub-indices for domestic demand and supply improved, and a subindex for new export orders increased by 7.8 points to 43.4.
Net Exports
9.0
643
After a small pick-up in trading activity in the first week of February,

when Chinese mills and traders were eager to offload cargoes before
the start of a holiday period, ASEAN import markets were mostly quiet
for the rest of the month. Amid weak demand, sellers were offering
discounts to attract more enquiries, bringing prices down. TSIs benchmark HRC index fell below the US$400/t floor in the first half of February to finish at US$392/t (-6.7% 4-week change).
10.0
616
658
606
617
11.0
In the run up to the Lunar New Year holiday some buyers avoided restocking, opting to remain on the side-lines of the market. Mills continuously decreased their offers and TSIs HRC index for Chinese Exports
(FOB China Port) fell to US$365/tonne before the market shutdown in
mid-February. HRC prices started to improve in the final week of the
month in line with the increased offers from producers in the region of
US$10-15/t.
Feb-14
Chinese Finished Steel Exports (million tonnes)
Sources: TSI (actual) & SGX (forward curve)
February 2015
TSI on the market - March
North European HR Coil (Ex-works, /tonne)
Forward Curve
450
440
430
420
410
400
Nov-17
Aug-17
Feb-17
May-17
Nov-16
Aug-16
Feb-16
May-16
Nov-15
Aug-15
Feb-15
May-15
Nov-14
390
Aug-14
Finished steel imports into the EU are estimated to have risen by +19% yo-y in 2014 and Eurofer expects this trend to continue. It forecast that
deliveries from third-country exporters will rise on average +2% per year
in 2015 and 2016.
Actual
460
Feb-14
According to Eurofer, European steel exports and domestic demand are

expected to improve during 2015, with activity in the steel intensive sectors rising by +2.2% in 2015. Most of the sectors saw their earlier prognosis slightly downgraded, with the exception of the automotive sector,
which is set to increase by +3.8% in 2015. The association sees apparent
steel consumption in the EU growing by around +2% to 149 million tonnes
in 2015.
470
May-14
US steel producers have speculated they expect to see a rebound in spot

prices in May/June as the current draw-down of inventories reaches its
peak. Some buyers share this view, intimating they may have to dip in to
the market sometime in Q2 to place orders, but cautioned any steel price
recovery would also depend on the state of the scrap market.
480
Sources: TSI (actual) & LCH (forward curve)
Reporting its operational results, ArcelorMittal forecast that steel demand in Europe will grow by 1.5%-2.5%, with the effect of a weak Euro and
low oil prices helping to boost confidence within the Eurozone.
The CFLP Steel Logistics Professional Committee (CSLPC) expects to see a moderate pick-up in domestic Chinese steel demand by the end of
the month with the re-opening of construction projects from mid-March. However, according to the committee, weakness in domestic steel prices
may remain in the near term due to sharp increases in mills inventory levels and project delays owing to severe weather conditions,
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March 24, 2016

Daily Steel Edition

TSI Steel Reference Prices

USA (US$/short ton)

Asean Imports (US$/tonne)

TSI HRC Reference Prices - Domestic Markets (US$/tonne)

European & US Steel Market Commentary

ASEAN Steel Market Commentary

TSI HRC Average Delivery Lead-Times (weeks)

- TSIs ASEAN HRC index finished at US$383/tonne, an increase of

TSI Average Monthly HRC Reference Prices

N.Europe: Ex-mill (/tonne)

S.Europe: Ex-mill (/tonne)

USA: FOB Midwest Mill (US$/short ton)

Asean Imports: CFR Asean Port (US$/tonne)

For further details of the methodology used, log-in to the website:

Copyright The Steel Index 2016

Spreads and Indicative Costs

HRC-Scrap Spread: US HRC to US Shredded Scrap (US$/tonne)

Hot Metal Spread ASEAN Imports HRC vs Iron Ore (US$/t)

Indicative Raw Material Costs vs N. European HRC Price (US$/t)

Average Monthly Spreads (US$/metric tonne)

US HRC (FOB Midwest Mill) US Shredded scrap (Delivered Mill)

North European HRC (Ex-works) Raw Material Costs

China 10-Day Annualised CISA Crude Steel Output (million t)

Copyright The Steel Index 2016

HR Coil Steel Derivatives and Futures

HRC Forward Prices

HRC Spot Price and Forward Curve - ASEAN Imports (US$/tonne)

US Flat Carbon Steel Imports by Origin (million tonnes)

Copyright The Steel Index 2016

Japan HR Coil Carbon Steel Exports (million tonnes)

Chinese HR Coil Steel Exports (million tonnes)

Product and Price Specifications

Hot Rolled Coil (HRC) - Northern Europe Domestic

Differentials Applied in Compiling HRC Asean Imports Index

Differential (US$/t) 1-day change (US$/t)

Differential (US$/t) 1-day change (US$/t)

Differential (US$/t) 1-day change (US$/t)

Copyright The Steel Index 2016

Index Rationale and Data Exclusions

HRC Northern Europe: 0

* Number of price submissions for benchmark

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Week ending March 18, 2016 (Week 11)

Scrap Edition (Weekly)

TSI Benchmark Scrap Prices

HMS 1/2 80:20, deep-sea (US$/tonne)

USA (Delivered US Midwest Mill)

TSI Benchmark Scrap Prices (US$/tonne)

This Weeks Scrap Market: Turkey and the US

This Weeks Scrap Market: Asia and India

TSI Benchmark Scrap Prices (US$/tonne)

-TSIs index for containerized Taiwanese imports of HMS #1&2 80:20