The Turkish market has been quieter than expected in the post-Eid period. There has been no visible bounce in demand. Transactions have been sporadic. This has been partially the result of on local steelworks actively sourcing material during the religious festival. Mill input costs edge higher in China
Provincial billet and scrap values strengthed in early September trading. The upward movement has been attributed to the government’s decision to scale back the country’s overcapacity. Outdated steel facilities have been shutdown. Inadvertently the domestic supply of billet has been tightened. The majors have recently cut their scrap purchasing prices and temporarily suspended purchases.
CIS semis producers struggle to sell material
Russian and Ukrainian metallurgical plants have witnessed little evidence of an autumn recovery. Export offers were lifted under the premise of stronger trading activity. However, many long established clients have found the latest offers too expensive. Re-stocking activity has been limited. Expectations are now pointing towards a price correction in October.
Source: MEPS
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