LONDON (Scrap Register): The business environment remains challenging in the Brazilian steel market. Local service centres plan to persevere with conservative inventory levels next month. There is reluctance on the part of end-users to commit to forward orders, said MEPS International.
Russian steel-makers are faced with a dilemma of whether to ride out the difficult domestic trading conditions, or downgrade planned production targets. The strength of the US dollar against the Russian rouble has only exacerbated the situation. Local trading houses intend to maintain cautious buying positions next month.
The Indian steel industry is divided over the prospects for local steel demand and price direction in the first quarter of 2015. Difficult trading conditions persist in the Chinese steel market.
Ukrainian steel-makers are finding it difficult to fill order books. Shipments to industrial companies have continued to deteriorate in the trading period surveyed.
Price volatility has undermined market sentiment in Turkey. Underlying demand for finished steel products has fallen short of industry projections – particularly, from construction firms and pipe fabricators.
Procurement activity in the United Arab Emirates was weaker than forecast in the period surveyed. Emirati rolling mills opted to reduce their selling figures owing to the difficult market conditions and strong price competition from foreign sources.
Business sentiment remains subdued in South Africa. Local stockists expect sales volumes to stay muted over the holiday shut-down period.
Mexican transaction values have edged higher over the last month. Distributors are holding off purchasing until January to see how demand develops.