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Home > MEPS Steel News - 04.10.2013

STEEL BILLET MARKET ROUNDUP FROM MEPS

Buying sentiment has weakened in the Chinese market. Sales volumes of finished steel and semi-finished steel products were muted in the period following the Mid-Autumn Festival. Local traders are convinced that negotiated settlement prices will fall again after the “Golden Week” holiday in October.

CIS billet producers have downgraded their price and sales volumes forecasts for the fourth quarter. Tonnages designated for overseas sales remain limited. Bookings from Asian, Middle Eastern and Turkish buyers were weaker than projected. Quotations for material traded out of Black Sea and Far East ports were reduced in the first and third week of September as a result.

The trading environment remains challenging in Turkey. Integrated producers have found it difficult to transfer the burden of soaring production costs on to their customers, following recent depreciation of the national currency against the US dollar. Billet exporters have also had mixed success in their efforts to finalise deals with overseas clients. The price premium for domestic billet material relative to imports is unchanged at less than $US5 per tonne.

In the United Arab Emirates, negotiations between local re-rolling mills and foreign suppliers are expected to remain difficult in October, in view of the downward movement being witnessed in other global billet markets. The bargaining positions of the latter have been damaged by the softening in global ferrous scrap prices.

SE Asian re-rollers plan to persevere with conservative buying strategies in October. The majority are unwilling to purchase material at the current price levels. Procurement activity in the Philippines has been unsettled by extreme weather patterns and weak downstream demand for finished steel products.

Source: MEPS - Semi-Finished Steel Review

Also see: MEPS - Billet Price Table

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