Feb 25 2009
Purchasing activity in Turkey remains extremely low. Most long and flat product producers conceded further reductions. Trading conditions in the UAE continue to be tough. Dubai-based dealers were able to raise some product prices this month but the market is no nearer recovery.
Some producers in the Russian Federation and the Ukraine raised their quotations. Buyers in both countries were unimpressed owing to low purchasing activity. Not all the gains have been maintained. Cheaper semi-finished products are likely to bring about pressure for lower prices.
Nothing new has occurred in the South African market. Long product producers continue to be kept busy by state-funded construction and infrastructure developments. Difficult trading conditions persist in the flat products segments. However, transaction values remained unchanged this month.
Demand for steel in Mexico has continued to weaken. Transaction values have stabilised for some products but further falls are expected to occur next month. Bookings from export-orientated manufacturers remain soft. The Brazilian steel market has shown some signs of stability, but volumes traded are down by almost 50 percent compared to the same period last year.
The Indian steel industry has entered an uncertain period. So far, there has been no visible improvement in the trading conditions. Transaction values have continued to fall. The benefits of the government’s stimulus measures have yet to materialise.
Source: MEPS