The upcoming Lunar New Year period is expected to dampen demand for steel in Asia, although the extent to which it does so continues to depend on the ongoing winter production cuts in China that are scheduled to last until mid-March this year.

Steel billet prices moved up last week in most regional markets despite a general weakness in demand for long steel products, with the biggest gains seen in China and Southeast Asia.

Metal Bulletin reviews the major stories that have affected the steel market over the past week.

The temporary exemption granted to EU countries from steel import tariffs in the United States is a “cause for optimism” but action should be taken to avoid a glut of imports from countries which will be affected by the measures, industry group UK Steel said on Thursday March 22.

Steel will remain a competitive building material despite big Section 232 tariffs, the American Institute for Steel Construction (AISC) has advised its membership - ranging from steel fabricators to structural engineers.

The steel scrap sector in the United States still depends on exports to Turkey, a member of the Fastmarkets research team said during the ferrous session at the Bureau of International Recycling (BIR) conference in London last weekend.

Billet producers in the Gulf Cooperation Council (GCC) countries have become more active in export markets this year amid a slowdown of construction activity in the region, Fastmarkets has learnt.

Growth in Turkey’s steel industry ranks third in the world behind only China and India, according to Veysel Yayan, general secretary of the Turkish Iron and Steel Producers’ Assn (DCUD).

The Brazilian long steel market in February was marked by rumors of price increases and the approval, with restrictions, of the merger between ArcelorMittal Brasil and Votorantim Siderurgia.

Metal Bulletin reviews the major stories affecting the steel market over the past week.