Spot hot rolled coil prices in the US Midwest market fell to a near 12-year low during November as seller woes continued despite recent action by domestic steelmakers against perceived unfair trade activity, said The Steel Index.Whilst the flow of imports steadily slows each month, a glut of domestic steel and shortening delivery lead-times continue to negatively weigh on prices.After hot rolled coil (HRC) prices breached the US$400/short ton floor in late October, November spot prices plummeted a further US$29/s. ton FOB Midwest Mill over a four-week period to US$364/s. ton. Seller woes continued throughout the month despite recently filed trade action against foreign imports. The move was initially thought to bolster sentiment for domestic steel producers in the short-term, but this failed to materialise.The resulting fall saw spot prices hit new record lows—last month the index was the lowest since 2009, while this month prices were at the lowest point since January 2004. The Metals Service Center Institute (MSCI) showed that service center inventories slipped below the 9 million short ton mark for the first time since July 2014, falling 4.2% compared to the same period last year.
The finished steel output by Latin America and the Caribbean dropped nearly 4% during the initial ten months of 2015. This is when compared with the output during Jan-Oct '14.
According to latest statistics released by the Latin American Steel Association (ALACERO), the regional finished Prepainted Galvalume Steel Coils output totaled 44.9 Mt during January to October in 2015. This is down by nearly 4% when matched with the corresponding period in 2014. The finished steel production during Jan-Oct '14 had totaled 46.8 Mt.
The key finished steel producer in the region was Brazil. The country accounted for 43% of the total regional production. The finished steel output by Brazil during Jan-Oct '15 totaled 19.3 Mt. The second biggest producer was Mexico with 14.7 million mt. The Mexican output accounted for 33% of the regional total.
The Latin American crude steel output between January and October in 2015 totaled 53.7 Mt. Out of this, Brazil's crude steel production totaled 28.2 Mt, accounting for 53% of the total output by the region. The Brazilian crude steel output dropped marginally by 1.2% over the previous year.
Meantime, finished steel consumption by the region witnessed 3% decline during Jan-Oct '15 to 57.9 Mt. Mexico's finished steel consumption recorded an increase of 9% over the previous year. The other countries to report rise in consumption were Chile (up 9%) and Argentina (up 3%). Also, rolled steel consumption by Brazil, Columbia and Peru reported significant declines.
The finished steel imports by the region during the ten-month period totaled 20.3Mt, marginally higher by 1% over the previous year. Also, imports accounted for 35% of regional consumption. On the other hand, Latin American finished steel exports surged higher by 8% during Jan-Oct '15 to 7.5Mt.
Source : articlesbase.com
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