UNITED KINGDOM March 31 2016 4:26 PM     

LONODON (Scrap Register): BRIC  steel prices may have reached their lowest point after rebounding slightly in  March.

In this month’s issue of the Developing Markets’ Steel Review,  MEPS reported that the BRIC average transaction price advanced across all the  flat and long products surveyed.

Chinese steel mill price offers soared,  in March, as buyers rebuilt inventories following the Lunar New Year holidays.  Domestic crude steel production reduced by 4 percent, in February, compared with  twelve months ago. Supply may decline further in the near term, as Chinese steel  mills, in Tangshan, are reportedly being ordered to reduce pollution during an  international flower show between April and October.

Brazilian flat  product prices are steady, this month. Hot dipped galvanized transaction values  increased marginally as imports fell, in February, by 49.5 percent,  month-on-month. However, domestic long product figures continued to fall as  market activity remained lacklustre.

In Russia, local producers secured  higher transaction prices, in March. Cold rolled coil figures rose by 4 percent,  month-on-month. Long product values advanced despite order intake remaining  muted.

Following the introduction of the minimum import price framework,  in India, we noted that buyers remain hesitant to place orders. However, flat  and long product values increased marginally, in March.