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|Would Japanese tsunami aggravate steel price volatility|
|In addition to gamut of factors adding fuel to the steel price volatility, damage to facilities of Japanese steel majors would probably add another dimension to the global steel price scenario.
Although, the extant of damage is not yet known, it is likely that raw materials like iron ore and coking coal markets could have extra volumes available putting down ward pressure on spot prices in short term.
Steel makers across all parts of globe, citing surge in costs of iron ore and coking coal, have hiked steel prices in last 3 months leaving steel users in lurch. Now the big question is that weather the hikes are sustainable ie to what extant steel makers would be able to pass the higher costs to buyers and what would be the steel price scenario in April to June quarter.
While the global miners remain upbeat on prices of iron ore and coking coal in April to June quarter, several factors are weighing heavily on steel prices.
Chinese premier has recently emphasized that the government will take all measures to cool down economy. This is being reflected in Chinese domestic prices, which have been sliding every day since February 22nd 2011. Political unrest in Middle East and North Africa has compounded the problem as many of the captive export markets for Black Sea based and Turkish mills have suddenly vanished creating a vacuum, forcing them to find alternate destinations.
Since mid of February the wind, that was till then strongly blowing towards generally applied price increases, has progressively changed direction and during last week it seems having substantially changed directions.
While billets and long products prices had started to weaken in the 2nd half of February, recent reports from Black Sea and Europe reflect correction for flat products as well. Different mills, including Russian ones, have decided for cutting down HR prices
However these cuts have not been able to lift any interest from buyers. On the contrary, the sensation that a U turn in the price trend is about to happen it's now spreading around the market.
How all these developments affect domestic prices in India in coming times?
If steel prices determine the health of your business, we recommend you to join our upcoming event. You will also get to meet and network with hundreds of steel buyers and sellers.
SteelGuru and IPFonline are organizing Indian Steel Markets 2011 Conference on 15-16 March 2011 at Hotel Leela Kempinski in Gurgaon NCR Delhi, where Industry experts from Brazil, Russia, India and China (BRIC) would dwell in depth on the demand drivers as well as the likely scenario. It would help you to understand the dynamics underlining the pricing dynamics in Indian scenario amid global forces.
To know more about it visit http://events.steelguru.com/
Registration fee per person INR 13236 for today only, contact
Mr Pearson Chiru - +91 9871403793
Mr Rajeev Kumar - +91 9810381293
Mr Saurabh Vajpai - +91 9830276699
SPOT REGISTRATION on March 15th - INR 15000 per person