STEEL BILLET MARKET ROUNDUP FROM MEPS
Challenging business conditions persist in India. Square
billet transaction values, denominated in the national currency, softened in all
four Indian regions researched by MEPS in May. The downward momentum was
fuelled, primarily, by weak downstream demand for finished steel. Market
participants are now waiting for the monsoon rains before making purchasing
Tonnages of CIS billet which were designated for overseas sales was unchanged in
May. Neither CIS mills nor traders are selling any great quantities of
semi-finished steel products. MEPS sources are not anticipating a significant
surge in transaction values in the third quarter.
Domestic billet selling figures in Turkey declined in May. Business confidence
has been undermined by mediocre construction activity and declining finished
steel product quotations. Distributors and traders are expected to maintain
conservative inventory levels next month, due to the close proximity of Ramadan
and summer vacations.
Sentiment for billet trading in Taiwan remains poor. For a second successive
month, local steel purchasers have negotiated a modest price decrease in a
lethargic trading environment. The price premium for imported billet relative to
domestic material is now negligible. Foreign billet suppliers are reluctant to
offer additional concessions because they are losing money, fearing such
measures would be counterproductive and only fuel more price instability.
Source: MEPS -
Also see: MEPS - Billet Price
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