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Home > MEPS Steel News - 28.03.2013

STEEL BILLET MARKET ROUNDUP FROM MEPS

Indian square billet transaction values, denominated in the national currency, were unchanged in Chennai in March. Different price scenarios materialised in the other four regions researched by MEPS. Secondary producers have intensified their lobbying campaign for the implementation of the new BIS regulations to be postponed. The majority of these steel manufacturers are operating on average at 50 percent of installed capacity. The Supreme Court’s ruling on iron ore mining activities in Bellary (Karnataka) remains in place. Steelmakers, without captive iron ore mining assets, continue to voice their concerns over the shortage of high quality iron ore.

The South Korean steel market is dull. Local integrated mills are hopeful that shipments to building firms will pick up ahead of the spring construction period. Reinforcing bar transaction values are under pressure from oversupply. The price differential between domestic and imported billet has narrowed to $US20 per tonne.

The business climate has improved in Taiwan. Steel buyers returned to the market place and finished steel selling figures started to strengthen. The price premium for imported billet relative to domestic material has fallen below $US15 per tonne. Long delivery lead times and the depreciation of the Taiwanese dollar made importing less attractive.

The trading environment remains challenging in Iran. Local steel merchants have had mixed success in minimising their inventory levels. Sales volumes of long products dropped significantly in weeks 10 and 11, weighed down by year end sentiment. In early trading, offers from foreign billet suppliers to the country’s Northern ports were unchanged at $US560-565 per tonne CFR.

Source: MEPS - Semi-Finished Steel Review

Also see: MEPS - Billet Price Table

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