Jan 28 2009
The Turkish and UAE flat and long markets are still not exhibiting any positive signals. Most Turkish long product producers have lowered their offers this month. Market conditions in the UAE remain difficult. Dubai-based traders are, as yet, unable to sell quayside material purchased last year. User requirements are still short of what is needed to deplete stockpiles.
January is not a strong business period in the Russian Federation owing to the country’s 10-day federal holiday. The trading environment has been difficult this month and this has been reflected in lower local transaction prices. Little business was conducted this month. End-user interest remains weak.
The South African steel industry continues to be kept afloat by state-funded construction and infrastructure developments. Difficult trading conditions persist in the flat products segments.
The steel industry in Mexico is now coming to terms with the effects of the global economic downturn. Local demand for long and flat material has deteriorated further. Export-orientated manufacturers have been hit hard by the slowdown in U.S. consumer spending.
Market sentiment in the Indian steel industry has improved this month. The government has announced additional measures to reinvigorate the local economy. However, market participants believe that it is too soon to announce whether or not these stimulus plans will succeed.
Source: MEPS (International) Ltd