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Home > MEPS Steel News - 31.01.2013

MIXED STEEL MARKET SENTIMENT IN THE BRIC COUNTRIES - MEPS

MEPS BRIC Countries’ average transaction prices increased this month for all eight carbon steel product forms.

The outlook for the Brazilian steel market was unchanged during January. The business environment is forecast to remain stable in 2013, despite on-going problems of overcapacity and volatile raw materials costs. The global supply of coking coal and iron ore is likely to remain relatively tight. The Instituto Ašo Brasil (IABr) reports that in 2012, production of rolled steel totalled 26.2 million tonnes, an increase of nearly 4 percent compared with the previous year’s figure.

Russian steelmakers are divided over the growth prospects for the long products segment in 2013. Underlying demand for finished steel has fallen short of industry projections – particularly, from construction firms and pipe fabricators. Evraz plans to complete the $US800 million acquisition of the coking coal miner, Raspadskaya, in the first quarter of 2013.

The Indian steel industry is expected to continue to add capacity to meet growing domestic demand. The Bureau of Indian Standards' (BIS) quality controls on coil, less than 6mm thick, wire rod and other steel products, comes into effect in March 2013. The Associated Chambers of Commerce and Industry of India (Assocham) has cautioned the government against decreasing the 30 percent export duty on iron ore material. The association asserts that the country is not self-sufficient.

Chinese traders expect steel consumption to improve after the Lunar New Year holidays, supported by firmer orders from the construction and manufacturing sectors. The steel industry’s overcapacity problem is unlikely to be resolved in 2013, despite a continued increase in end-user demand and decommissioning of obsolete capacity. The China Iron & Steel Association (CISA) has reported that the aggregate daily output of crude steel by the leading mills in the first 10 days of January totalled 1.944 million metric tonnes, an increase of 2.3 percent from late December.

Source: MEPS - Developing Markets Steel Review 

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