The world’s emerging economies are seeing the price of steel slowly rise; however, their buyers remain sensitive to purchasing.
Brazil – The Brazilian steel industry has seriously struggled to adjust to the incredibly unpredictable business environment. Purchasers intend on sticking to their current strategies of a cautious attitude throughout November, they put this decision down to price instability and an impulsive economy.
Russia – Russian steel producers are divided over the prospects for domestic steel consumption in the final trimester of 2016. Predictably, distributors and end-users are reluctant to commit to forward orders. Long products’ steelmakers have downgraded their November basis quotations, as a result.
India – Indian brokers predict that after the national festival season (October to November), the sales quantities will see an improvement, and however, firms are only taking short-term bookings as a precaution to price oscillation.
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United Arab Emirates – UAE has also seen their sales volumes take a hit courtesy of price instability. However, rolling mills in the country have taken the strategy of slightly increasing their sales figures for November productions, in response to higher cost of key steelmaking raw materials and reduced price competition from foreign suppliers.
Mexico – Mexican service centers have, once again, started to query whether the latest domestic price levels are supported by market and economic fundamentals. Several buyers are forecasting additional price concessions from domestic suppliers next month.
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