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Home > MEPS Steel News - 03.06.2014

BRIC STEEL MARKET ROUND-UP FROM MEPS

The MEPS BRIC average transaction price, measured in US dollars, increased in only three of the eight finished carbon steel product types published in MEPS Developing Markets’ Steel Review.

Brazilian distributors are forecasting underlying demand to soften in the June-July period. During the FIFA World Cup tournament, key downstream industries intend to either shutdown or operate a reduced number of shifts. The Instituto Ašo Brasil (IABr) has reported that domestic sales of finished steel products totalled 1.78 million tonnes in April – an increase of 5.4 percent compared with the corresponding period last year. Flat steel products accounted for 994,100 tonnes.

The Russian steel industry remains optimistic over the general outlook for consumption and production in 2014. Shipments to construction and infrastructure projects are forecast to remain upbeat in June. Bullish internal producers have begun reducing their discounts and enforcing stricter payment terms.

In India, the Supreme Court has issued an interim order to temporarily suspend mining operations at 20 iron ore mines in Odisha state. Internal steelmakers have warned that any delay in renewing these licences would tighten iron ore supplies and fuel higher steel prices. The Joint Planning Committee (JPC) has reported that domestic consumption of finished steel in April totalled 5.84 million tonnes – an increase of 3.4 percent, year-on-year.

In China, business confidence has deteriorated, in May. Chinese steel traders are booking material for only immediate requirements, in anticipation of continuing price reductions. The China Iron & Steel Association (CISA) has reported that the daily output of crude steel by the leading mills, in the first ten days of May, totalled 1.824 million tonnes – an increase of 1.6 percent from the last ten days of April.


Source: MEPS - Developing Markets Steel Review 

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