Indian importers have rejected offers for plate even after prices were slashed by $10 per tonne this week.
European import prices for hot and cold rolled coil (HRC and CRC) fell this week as interest in imports faltered on the back of poor demand for domestic products, trading sources told Metal Bulletin.
Offers of re-rolling hot rolled coil into Vietnam have fallen by as much as $35 per tonne this week on weak demand at home and in export markets.
The European Commission has opened an antitrust investigation into the proposed €2.7 billion ($3.45 billion) merger of stainless steel makers Inoxum and Outokumpu, it said on Tuesday May 22.
Latin American steelmakers will probably not be interested in buying ThyssenKrupp’s 5 million tpy CSA Siderúrgica do Atlântico slab plant in the Brazilian state of Rio de Janeiro, regional analysts say.
[more]
MAN OF STEEL: The only way is down
Bleak news wherever we look. We see examples of low prices for all steel products being achieved in China, India, Brazil, the USA and Europe. The Russian market is weak and the CIS mills are now eyeing all export markets to get rid of serious tonnage.
Why buy for stock? A stockist responds to Man of Steel
“Why buy for stock?” was the question recently raised in our Man of Steel column. The assertion that the market is currently fundamentally flawed and leaving participants uncertain over whether to stay short or go long, has aroused some opposition, and prompted this stockist, who wishes to remain anonymous, to write.
MAN OF STEEL: Why buy for stock?
A remarkable amount of mixed messages proliferate in the market right now. Headlines about mills asking for increases in list prices, lead straight into stories about softening demand.
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