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Home > MEPS Steel News - 04.07.2013

STAGNANT GLOBAL STEEL DEMAND UNSETTLES INTERNATIONAL FERROUS SCRAP PRICES

Global scrap brokers have begun to downgrade their forecasts for price and sales volumes in 2013. Price volatility has returned to key steelmaking raw material markets – particularly, iron ore and metallurgical coking coal. Downward pressure materialised out of concerns that the U.S. Federal Reserve was planning to scale back its bond-buying stimulus programme. Compounding the problem was the apprehension that China’s central bank would persist with a tight monetary policy stance. The unease stemmed from a directive given to Chinese banks to rein in informal lending and speculative trading practices.

For a second successive month, selling figures in June declined in all of the seventeen import/export ferrous scrap markets surveyed by MEPS. Domestic settlement prices also decreased in the thirteen countries researched. Average losses ranged from 0.4 percent to 9.7 percent.

Source: MEPS - Ferrous Scrap Review  Also see: MEPS - Scrap Price Table

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