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Home > MEPS Steel News - 01.11.2013

PRICE VOLATILITY RETURNS TO THE EMERGING STEEL MARKETS

The Brazilian steel industry remains positive on the general outlook for production and consumption in November. However, distributors have queried whether the new, higher domestic price levels are supported by market and economic fundamentals.

Russian steelmakers downgraded transaction values for several steel products in October. Local trading houses are expected to persevere with cautious procurement strategies in anticipation of weak shipments to the construction sector and other downstream industries.

The Turkish steel industry is expected to bring production into line with consumption rates. Distributors expect their domestic suppliers to pursue price growth in weeks 43 and 44, following the recent upturn in the cost of key steelmaking raw materials - particularly, iron ore and ferrous scrap material. Support from external demand is limited.

Procurement activity in the United Arab Emirates was less vigorous than in September. Construction activity exhibited no improvement in the period after the festival of Eid Al-Adha. Emirati traders do not require delivery of new steel ahead of Al-Hijra (Islamic New Year).

Source: MEPS - Developing Markets Steel Review 

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