Steel price could decrease slightly- 09 Jun 10

After increasing vigorously in the first four months of the year, the price of steel on the world market has begun decreasing sharply since May due to low demand. CIS sources ingot steel price, for example, has decreased by $110-140 per tonne to $500 per tonne FOB Black Sea. The ingot steel offered in Southeast Asia has dropped by $70-80 per tonne, now trading at $590-600 per tonne CFR

The ingot steel offered to Vietnam is sold at between $550 and $590 per tonne CFR, a decrease of $80-110 per tonne. Scrap steel has also decreased by $100 per tonne over April.

In the domestic market, the output and consumption of construction steel in May decreased significantly from the previous month because many big construction works have been slow in implementation.

It was estimated that the volume of steel consumed in May was at the lowest level so far this year, at about 260,000 tonnes, a decrease of 13 percent in comparison with April. The stocks remain large, with 300,000 tonnes of steel, while enterprises still have 490,000 tonnes of ingot steel for June production. Therefore, the steel price it is thought the price of steel will decrease in June.

Jun 9, 2010 10:32
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