UNITED KINGDOM May 26 2016 6:38 PM
LONDON (Scrap Register): 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.