Chinese steelmakers have begun reining in output to minimise losses, but market participants said much steeper production cuts may be needed to stabilise prices.

The price of billet in northern China’s Tangshan city has fallen below 1,800 yuan ($294) per tonne for the first time, sending it to its lowest level since at least a decade.

Editor Vera Blei looks at the main news covered by Steel First this week.

Steel billet prices in most markets were stable or went down in the week from Monday April 16 to Friday April 20 on reduced trading activity worldwide, with the exception of China, where prices strengthened slightly amid good demand.

Algeria imported 2.27 million tonnes of steel with a value of $1.72 billion in the first half of 2012, according to figures recently released by the country’s customs authority.

Looking back to the last quarter of 2017, the average accuracy of MBR forecasts published in the Steel Market Tracker was 94% (when compared to forecasts published in the September issue). Our forecasts of European flat steel prices proved to be precise once again, with European domestic CRC and HRC prices scoring 99% and 98% accuracy respectively.

European steelmakers have called for the European Commission (EC) to review its decision to liberalize its import safeguard measures by increasing quota volumes by 5% each year, Fastmarkets has learned.

Three-month base metals prices on the London Metal Exchange were for the most part little changed this morning, Monday March 18, the exception being copper, whose price was up by 0.7% at $6,474 per tonne, compared with $6,431.50 per tonne at Friday’s close.

The London Metal Exchange will introduce market-making programmes to enhance the liquidity of its new products and existing contracts, it said on Thursday August 20.

Recent anti-dumping cases involving Turkish steel companies should offer a lesson in the protection of domestic industries, according to Namik Ekinci, chairman of the Turkish Steel Exporters Assn (CIB).