BRAZIL July 05 2016 12:19 PM

LONDON (Scrap Register): The BRIC average transaction price, measured in US dollars, declined in June for five of the eight finished steel product types published by MEPS in it's monthly steel review.

Brazilian steel prices continued to advance, in June. Buyers requiring material immediately placed orders at the higher mill list prices. Flat product transaction values rose by between 4 and 6 percent, last month. 

A number of Russian flat and long product prices continued to escalate, in June, as domestic mills hiked up prices. Despite a tepid trading environment, local producers secured double-digit price increases, month-on-month, on wire rod and reinforcing bar. 

Buying activity is reportedly slow, in India, owing to the recent price volatility and the onset of the monsoon season. Flat and long product values mainly fell, in June, although cold rolled coil prices were similar to those reported in our previous edition. 

In China, flat and long product steel prices continued to fall significantly, in June, as local mills ramped up production. The China Iron and Steel Association reported that domestic daily steel output in mid-May rose to its highest level since June 2015. 

MEPS predicts that world steel prices are likely to be under pressure in the second half of the year as low-priced exports from China are likely to become available in global markets.