BRIC steel prices continued to rise, in
May, despite underlying demand, in these countries, remaining relatively
unchanged.
In the current issue of the Developing Markets’ Steel Review, MEPS reported
that the BRIC average transaction price advanced across all flat and long
products, except for Wire Rod.
Brazilian coil and plate values escalated, in May, as domestic mills hiked up
prices. However, long product figures fell slightly, compared with those in the
previous MEPS report.
Domestic steel manufacturers, in Russia, secured double-digit percentage price
increases, month-on-month, across all products, despite a muted trading
environment.
In India, flat product prices increased marginally, in May. Long product
figures fell, month-on-month, amid the recent price volatility and impending
monsoon season.
Chinese mill offers, both at home and overseas, continued to advance in late
April. However, domestic transaction prices started to fall significantly, in
early May, as local manufacturers ramped up production.
Chinese traders retain a cautious outlook for the third quarter. Steel
consumption traditionally slows down in these months, while output is likely to
stay high.
Source: Meps