MEPS for steel in emerging market pricesAs reported by British analytical agency MEPS International Ltd., the averages of prices of transactions in US dollars, rose in November for all eight types of finished steel products on an index of MEPS. This happened in spite of the lackluster demand in many developing countries. The rising cost of raw materials has been a major driving force behind the rise in prices.
Brazilian steelmakers raised prices, citing the rising cost of iron ore and metallurgical coking coal. Nevertheless, industrial manufacturers harshly criticized the actions of producers.
Russian prices for transactions in general, move up in the last four weeks. However, local distributors have been cautious in harvested too much inventory for the approaching winter. The downward trend in domestic consumption, are expected to gain momentum in December.
Indian prices fell in November, due to changes in currency exchange rates. There were no signs of improvement in demand in November. Sales fell after the announcement of the government about the policy currency demonetization.
Chinese c sales prices rose in November due to the rally in the futures markets, and speculation about the capacity reduction. The sharp rise in raw material costs for manufacturers supporting the escalation of domestic prices.
Prices in Turkey have increased significantly since the end of October. Despite this, retailers continued to buy carefully.
Trading environment remains difficult in Ukraine, Mexico and the United Arab Emirates. Sales volumes are expected to be mitigated in the short term.