Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Asian Steel Prices Weakening, Steel Market Intelligence Says

Don't Miss Out —
Follow us on:

June 1 (Bloomberg) -- Michelle Applebaum, managing partner at Chicago-based Steel Market Intelligence, comments on the Chinese and Asian market for the metal in an e-mailed note yesterday.

“While Chinese pricing has shown surprising strength in the face of new record-breaking production levels - and slowing economic growth - we’re seeing signs of cracks in the ‘Chinese wall’ of pricing, with meaningful weakness now showing up in East Asia and Japan, where we saw an unprecedented 11 price cuts last week and zero increases.

‘‘While overall Chinese steel exports were up 17 percent through April, we suspect that the weaker pricing in China’s neighborhood is a result of a larger increase in Chinese exports in May, which won’t be reported for another week.

‘‘The Chinese market worries us for another reason besides exports as we’re concerned Chinese steel buyers are building inventories ahead of well-publicized power-driven summer production cuts.”

To contact the reporter on this story: Alistair Holloway in London at aholloway1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.