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The outlook for the Brazilian steel market is now less transparent. Long product steelmakers have adopted more aggressive pricing positions in August, despite the government’s decision not to renew the temporary import tariff. Local stockists have resumed monitoring the domestic/import price differential.
Russian distributors are divided over the outlook for domestic steel quotations in the September/October period. Long product steel mills remain reluctant to pursue price growth, despite the onset of the country’s construction season, fearing an upward adjustment will result in the loss of market share.
The trading environment is unchanged in India. Shipments to construction and infrastructure projects remain weak. The Singh government has also begun to review the long-term raw material security of the domestic steel industry. In a separate development, domestic steelmakers have petitioned the Ministry of Commerce to revisit its decision to relax the quality control for imports of steel.
The Chinese government has announced new measures to bring steel production into line with consumption rates. Baoshan Iron & Steel opted to increase its selling figures for September bookings, despite ongoing concerns over the strength of underlying steel demand in the country.
