Steel prices in BRIC countries have slipped by an average of around 4 percent during December, said MEPS International.
In the recent issue of the Developing Markets’ Steel Review, MEPS reported that market activity across the developing world has softened across flat and long products areas. Amid a weak demand outlook, buyers have put further downward pressure on domestic selling prices as sales slowdown, approaching year-end.
In Brazil, domestic producers have called for higher tariffs for imported material to protect market share. Meanwhile, reduced investment activity and sluggish domestic sales continued to dominate the Russian steel scene.
Chinese steel prices keep tumbling as falling raw material costs have enabled customers to secure reductions in their local market.
Low-priced imported material has put further downward pressure on South African domestic resale prices. Meanwhile, Mexican stockists have successfully secured lower transaction values following similar price reductions in the US.