The MEPS September Asian Average Hot Rolled Coil transaction value dropped more than 17 per cent from July's figure due to large falls in nickel prices and weaker demand. Exports are not attractive to Western buyers, resulting in more material in the Asian domestic markets. Mills have responded by cutting production. This should help to stabilise prices in the short term. The MEPS Asian average Hot Rolled Plate price did not drop by as much as Coil, due to stronger market conditions. Mills are pursuing exports to the West aggressively with some success. Plate figures should therefore continue to be firm over period four.
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