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Home > MEPS Steel News - 26.11.2014

DEVELOPING MARKETS HIGHLIGHTS FROM MEPS INTERNATIONAL LTD

Russian trading houses have queried whether the latest domestic price levels are supported by market and economic fundamentals. The strength of the US dollar against the Russian rouble has only exacerbated the situation. Moreover, price growth in 2015 is predicted to be difficult, as more production capacity is scheduled to be commissioned.

Indian secondary producers have struggled to adapt to November’s unpredictable business environment. Primary steelmakers have continued to search for new overseas buyers. However, the weak rupee has given assistance to the export drive, whilst also discouraging import activity.

The Chinese steel market has entered a period of low seasonal demand. Local traders expect steel consumption to improve after the Lunar New Year holidays, supported by firmer orders from the construction and manufacturing sectors.

Ukrainian steel producers are growing more pessimistic about the prospects for domestic finished steel consumption in the first quarter of 2015. Turkish steelmakers are faced with a dilemma of whether to ride out the difficult trading conditions, or downgrade planned production targets.

Price volatility has undermined market sentiment in the United Arab Emirates. Local stockists contend that the re-emergence of price volatility in foreign quotations has made it too risky to complete any deals at this stage. Emirates Steel Industries (ESI) and Conares have opted to downgrade their selling figures, under pressure from strong foreign price competition.

South African distributors plan to persevere with conservative procurement strategies next month. Sales volumes are forecast to be muted over the holiday shutdown period. The outlook for the Mexican steel market is unchanged. Underlying demand continues to be driven by shipments to the automotive and construction sectors. Distributors are worried that the Peņa Nieto government will impose stricter countervailing duties on steel imports.


Source: MEPS - Developing Markets Steel Review - November Edition

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