US steel prices set to slip
A
MEPS (International) product story
Edited by the Engineeringtalk editorial team
Dec 6, 2004
MEPS has released its North American average carbon steel price forecast for November 2004.
MEPS has released its North American average carbon steel price forecast for November 2004.
In the flat products category, MEPS forecasts further cuts in average prices of strip mill products next month.
However, several steelmakers are planning extended seasonal maintenance outages towards the end of the year.
This could tighten supply somewhat.
Market conditions should improve in the new year.
MEPS forecast prices for the next 12 months have been slightly uprated from the figures produced in October - mainly as a result of currency exchange rate movements.
However, MEPS still predicts a price slippage over the next 12 months as availability increases from greater volumes of imports and decreasing orders from an already overstocked service centre segment.
Demand is firm across all consuming industries in the plate segment.
There are plans to raise US prices in the near future - reversing the declining trend of the past two months.
However, MEPS still envisages a price slippage as Spring 2005 approaches.
In the long product class, the November outturn for average prices of wire rod and structural sections was broadly in line with our previous projections.
Negative pressure on selling values is developing and MEPS still believes that the figures will fall over the next six months.
This may be negated a little by the recent rise in scrap costs.
Average bar prices went up in November.
This was the result of reasonably stable Canadian figures in their national currency.
Competition in the market is likely to bring the North American average down in December.
Further falls are expected up to Spring next year.
MEPS forecast indices are based on a constant US dollar exchange rate into the future.
However, a recent decline in the US dollar value against most major currencies has translated into increased figures in all MEPS carbon steel price forecasts for November - to a greater or lesser degree, depending on region.
This is expected to also impact on the December values.
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