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ASIAN STEEL BILLET MARKET ROUNDUP
FROM MEPS
In China, trading volumes softened ahead of the country’s
week-long national holiday. Local traders were reluctant to procure material, in
view of the low seasonal demand for finished steel products. Most intend to hold
conservative inventory levels in February. Several billet producers opted to
temporarily halt production as a result.
Price growth was noted in all five Indian states researched by MEPS
(International) Ltd. The upward momentum witnessed in January was fuelled
primarily by input cost pressures – particularly, a shortage of iron ore, Coal
India’s new pricing policy and more expensive US dollar denominated imported raw
materials.
Buying activity in South East Asia softened ahead of the Lunar New Year
festival. The week-long holiday is observed in Malaysia, Singapore and Vietnam.
Construction activity is likely to rebound in February.
Billet shortages in Iran have fuelled a sharp rise in transaction values.
Importers are unable to purchase material due to banking sanctions against the
country and a tightening in domestic credit conditions. Bearish CIS exporters
operating in Caspian Sea ports have begun to look for alternative markets for
February’s production campaign.
Source: MEPS -
Semi-Finished
Steel Review
Also see: MEPS - Billet Price
Table
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