Financial Daily from THE HINDU group of publications
Sunday, Nov 20, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 20, 2005 |
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Industry & Economy
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Steel Aggressive China, CIS drag down steel rates Our Bureau
Mumbai , Nov. 19 NOVEMBER and December may be a desperate couple of months for commodity hot-rolled coil suppliers to the international markets. Increasingly aggressive prices from CIS and Chinese mills are dragging down prices from higher-quality mills in Asia, London-based consultancy GFMS Ltd has said in its steel market outlook report. Outside of the US, big buyers are simply not interested in importing large cargoes. The lacklustre nature of the current demand can be attributed to high inventories or falling prices and ability to supply at short notice, the report pointed out. It also noted that a decline in domestic prices in India would probably shut CIS suppliers out of one of their best volume and price markets. While in the US prices remain firm for now, little change is seen in the EU. In China domestic steel prices have not risen in the last few weeks because of high inventories due to high output levels. HR coil prices have dropped. No wonder, steel mills which instigated the largest cuts (US producers) are now starting to gain benefits. For Europe, cutting output has not helped because of weak demand, GFMS said.
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