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MEPS latest forecasts on Asian average stainless steel prices
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Wednesday, 07 Jul 2010

UK based MEPS said that "Asian average stainless steel transaction values dropped in June 2010. This was the first reduction since October 2009 and occurred slightly earlier than we had anticipated. Decreases were noted in three out of the countries researched. Lower raw material costs, coupled with reduced demand from both domestic and export customers, pushed prices down in June. Currency exchange rate movements also contributed to the reduction in the Asian average in US dollars."

It added that "Our forecasts have been revised downwards in June due to recent falls in nickel, chromium and molybdenum costs. Demand is likely to weaken further in the short term as customers wait for lower prices in the coming months. This is expected to spur a cut in mill transaction values in the short term as they try to secure order volumes. Production outages are also anticipated at steelmakers across the region. This should help to limit the decreases in selling figures during the second half of 2010."

According to MEPS, an increase in buying activity is envisaged for early 2011. Improved economic conditions across the region should help to boost end user demand. Trade volumes to the west are likely to expand. Consequently, stainless steel prices are forecast to rise in the first and second quarters of 2011.

(Sourced from MEPS Steel Prices Online)

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