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Mixed pricing sentiment transpires in the BRIC countries- 01 May 11

The MEPS BRIC Countries' average transaction price increased in four of seven product forms in April. The size of the gains varied between $US2 per tonne for reinforcing bar and $US19 per tonne for hot dipped galvanised coil.
In Brazil, there are concerns that aggressive pricing positions and the strength of the country’s currency will reinvigorate import activity. Long product foreign supply fell back in March by 33 percent compared to February, whilst there was a decline of 10 percent in flat product volumes. Inventories are forecast to fall to a normal level of two and a half months by August.
 
Russian steelmakers issued lower selling values in April, following an inflow of low-cost imports from CIS countries and difficult trading conditions in overseas markets. To prevent further downward movement, the mills are planning to cut production capacity or reduce basis prices. 
Participants in the Indian steel industry are adopting different pricing strategies. Flat product quotations stabilised at late March levels. Producers remain concerned that steel prices are not moving in line with raw materials. Local trading companies doubt whether the market can absorb any more increases. Secondary producers issued higher long product prices in anticipation of inventory building by contractors. Shipments to the construction and infrastructure projects are expected to be strong until the start of the monsoon season. 
Chinese steelmakers issued higher selling figures in April. Producers are anticipating stronger end-user demand and a rebuilding of inventories. The upward movement also reflects a tightening of supply due to ongoing maintenance work.

May 1, 2011 10:18
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