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Home > MEPS Steel News - 28.09.2016

DEVELOPING MARKETS STEEL PRICE ROUNDUP FROM MEPS

Brazilian distributors are only booking for immediate requirements due to continuing price fluctuations and weak economic fundamentals. The conservative purchasing strategy is expected to continue for the foreseeable future.

Russian distributors remain bearish over the outlook for domestic finished steel consumption in the October-November period. End-user groups are purchasing material for immediate needs only. Meanwhile, long product steelmakers postponed releasing their basis quotations for the next trading period.

Indian steelmakers are optimistic that trading volumes will improve in the near term, supported by state-funded infrastructure projects and a series of trade protection measures – such as, new minimum import price mandates and provisional safeguard duties. Moreover, business confidence picked up, coinciding with the imminent end of the monsoon season.

The Ukrainian steel industry has struggled to adapt to the muted domestic trading environment. Local stockists report that the settlement of payments from customers remains a problem.

Turkish steel producers are divided over the prospects for domestic steel consumption in the final trimester of 2016. Flat product traders contend that the latest price initiative undertaken by local steelmakers is ill-timed, counterproductive and will only escalate import tonnages from Russia and Ukraine.

Business confidence remains downbeat in the United Arab Emirates. Local trading houses are reluctant to replenish their inventories. They are uncertain about whether industrial activity and construction work will improve in October.

The trading environment remains challenging in South Africa. Steel manufacturers are reluctant to increase production capacity in the absence of sustainable end-user demand.

The outlook for the Mexican steel market is unchanged. Local stockists plan to persevere with conservative bookings, in anticipation of price concessions from domestic suppliers.


Source: MEPS - Developing Markets Steel Review - September Edition

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