Rising Raw Material Costs Fuel Price Growth in Emerging Steel Markets
Brazilian distributors booked material for only immediate requirements, this month. Despite this, domestic steelmakers attempted to lift transaction values, in view of the upward movement witnessed in other global steel markets and the rising cost of steelmaking raw materials.
Business sentiment remains mixed in India. The new 18 percent goods and services tax (GST), implemented on July 1, had a negligible impact on sales volumes. Meanwhile, exporters continued to develop positions in Southeast Asia, with Chinese steel deemed too expensive.
Turkish steelmakers adopted more aggressive pricing positions, this month. However, end-users remain risk averse. The majority plan to continue with cautious purchasing strategies.
The trading environment is unchanged in the United Arab Emirates. Services centres are booking for immediate requirements only, due to volatile import quotations and the onset of the summer trading period. Meanwhile, domestic re-rolling mills opted to increase their selling figures, shadowing the recent upturn in the cost of imported semi-finished steel products.
Mexican steelmakers remain concerned about the US government’s Section 232 national security investigation. The uncertainty created has been labelled as unwelcome, at a time when profit margins are already tight, due to the peso devaluation and the rising cost of key steelmaking raw materials.
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