Although foreign supplies have declined from their recent highs, they remain well above historical levels. Buyers are purchasing cautiously because they expect the negative price trend to continue.MEPS October global Steel price is down 26 per cent year on year. Flat product transaction prices in the United States have plummeted to lows not seen since the last recession in 2009. Global oversupply is leading to strong import competition, heightened by the strength of the US dollar, as per a new report from MEPS.
Although foreign supplies have declined from their recent highs, they remain well above historical levels. Buyers are purchasing cautiously because they expect the negative price trend to continue.
“There is no urgency to build stocks since domestic mill delivery lead times are short and the availability of third country material at the ports is plentiful. Service centre inventories are on the high side, as a result of slow sales to end-users, who are keeping their stocks as low as possible,” the MEPS report says.
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