Last Updated : 06 April 2013 at 22:30 IST
Global Steel market was bearish in March, uncertain outlook for April: TSI
Source :Commodity Online/TSI
In US market, flat steel market was bearish with The Steel Index (TSI) US Mid West (FoB Mill) HR Coil Index up 2.3% to US $618/ton after attaining a high of $622 per ton and declining trend is visible in early April, TSI Monthly Steel Report said
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LONDON (Commodity Online): It was a real bear market for steel in March across the globe with both domestic and export demand weak in major producing countries and there are no indications of a major price recovery in April.
In US market, flat steel market was bearish with The Steel Index (TSI) US Mid West (FoB Mill) HR Coil Index up 2.3% to US $618/ton after attaining a high of $622 per ton and declining trend is visible in early April, TSI Monthly Steel Report said.
Cold Rolled (CR) coil prices were shaky and remained flat at the end of the month.
In North and Southern Europe HR Coil prices were dull and fell below 500 Euros per ton in North and edged towards 475-485 Euros per ton in Southern Eruope. Plate prices suffered more in the absence of seasonal upswing and restocking activity by traders, TSI Steel Monthly report added. HR Coil Spot prices fell Euros 10 per ton to 490 Euros per ton.
In Asia, domestic export prices plummetted in March as traditional seasonal demand revival did not occur and falling raw material prices dampened sentments. TSI China Exports index to Asia lost US $ 40 per ton to US $575 per ton while daily crude steel production rose to an all time hihg of 2.085 mn tons in March beginning expecting rise in demand. However, this did not happen and increased inventories with traders forced them to slash prices causing bearish sentiments in the market, TSI report added.
In India HR coil spot prices edged up 0.6% month-on-month to Rs 39888 per ton with TSI index close to 5-month high of 40,000 per ton.
Turkish HR coil prices fell $27 per ton in 4 weeks to $618 per ton on weak domestic and export demand.
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