MMK expects weak steel prices until Q3

Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) expects steel prices to continue to struggle until the middle of the third quarter, the company said in its first-quarter financial results statement on Friday June 15.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Average prices have risen by 6% to 7% since the start of the year, MMK said.

“At present prices are experiencing a correction, which is expected to continue into the middle of the third quarter,” the company added.

MMK said second-quarter production of finished steel products in Russia would stay at the same level as the first-quarter at 2.8 million tonnes.

MMK said it expects growth in its 2012 output, compared with 2011, to be driven by the increase in demand for steel in Russia and the introduction of new products through the launch of its cold rolling Mill 2000, as well as being boosted by its Turkish flat-rolled steel mill reaching its full capacity.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed