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Home > MEPS Steel News - 29.07.2013

WEAK DEMAND GROWTH UNSETTLES PRICE SENTIMENT IN EMERGING STEEL MARKETS - MEPS

Challenging business conditions persist in the Russian Federation. Domestic steelmakers have begun to lobby the government for stricter anti-dumping measures to combat the threat from rising import tonnage. Stockists remain cautious over the strength of underlying consumption in August, citing the subdued construction season. The recovery in shipments to tube fabricators, OEMs and mechanical engineering companies has also been weaker than expected.

Uncertainty continues to unsettle business confidence in India. Underlying demand remains weak, and shows no signs of picking up in the near-future. The monsoon rains have been heavier than expected.

Downstream demand in Ukraine is expected to remain sluggish in the August-September period. Market sentiment has been eroded by weak underlying demand growth and deteriorating economic fundamentals. Stockists are booking for only immediate requirements due to continuing price fluctuations. Support from external demand remains limited.

Turkish steelmakers have had mixed success in their efforts to advance higher transaction values to distributors. Domestic buyers contend that the current price initiative is ill-timed, counterproductive and will only escalate import tonnages.

Demand for construction steel in the United Arab Emirates has been deflated by the close proximity of the summer and Ramadan periods. Shipments to the construction sector and pipe fabricators are unlikely to pick up in the short-term. Local steel producers have continued to face stiff price competition from Chinese and CIS suppliers.

Arduous trading conditions persist in South Africa. Underlying demand has remained depressed since late March. Service centres have begun to sell inventory below cost to minimise potential losses and to ease working capital problems. The liquidation has been prompted by fears that end-users are planning to procure only small quantities of steel material until September at the earliest.

Source: MEPS - Developing Markets Steel Review 

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