Russia’s exports unlikely to revive until year-end

摘要

Export prices for A3 scrap lost 3-4% month-on-month as of late September. New monetary policy of Turkey’s government and seasonally favourable period for the construction sector may support real estate demand and drive domestic longs prices up in Turkey. However, the overall economic situation remains difficult in the country, which may prevent steel demand from recovering in the coming months. The situation abroad is also unfavourable to Turkish producers of finished steel. The crisis in the Chinese construction sector will be exerting the major pressure on finished product quotes in Asia in the near future. Asian, European and US importers of rebar will prefer to play safe during the period of uncertainty, being more likely to adopt a wait-and-see attitude, Metal Expert believes. Moreover, record high freight rates substantially restrain export activity of Turkish longs producers. In this context, scrap importers in Turkey will be interested in a further decrease in raw material quotes.