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NYMEX steel futures on downward trend - 16 Mar, 2009 |
| WRITER |
administrator |
DATE |
2009-03-17 09:33:24 |
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NYMEX steel futures on downward trend - 16 Mar, 2009
Platts reported that a slight flurry of activity on the NYMEX US Midwest steel hot rolled coil contracts for April, May, June and July pegged opening values USD 35 to USD 40 per short tonne lower than recent settlements.
Openings were reported at USD 465 per short tonne for April, down from the previous settlement of USD 500 per short tonne, USD 470 per short tonne for May, down from USD 505 per short tonne and USD 465 per short tonne for both June and July, also down from USD 505 per short tonne.
The range of deals based on the Platts daily surveying was USD 475 to USD 495 per short tonne, normalized to an ex works Indiana basis. Observers noted, however, that a couple of steel analysts issued pessimistic reports early this week indicating that the US HRC market is poised to fall even further.
Mr Kuni Chen of Bank of America and Merrill Lynch Equities research said that "Transaction prices for hot bands have plummeted from almost USD 1,100 per ton in July 2008 to the mid to high USD 400 per ton level today. Some of our trade contacts are even purchasing steel at the low USD 400 per ton level. While steel prices may be near a bottom, survey participants are not expecting any improvement over the next six months due to lingering demand risks and declining steel input costs."
Mr Bob Richard of Longbow Research said that "It is reasonable to assume that, with Chinese steel industry consolidation under way, some enhanced level of Chinese steel price discipline is likely. We conclude that, although there is more downside risk to domestic flat rolled pricing, it would fall only modestly below the Chinese price, with the latter showing enhanced resilience in 2009."
Sourced from www.platts.com |
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