May 2012 | Steel Tracker
Southeast Asian market offers some stability, but threat from China still lingers: International Long Product Market Analysis
Despite pockets of strength in Southeast Asia, the overhanging threat from Chinese output is a constant reminder that the steel industry still faces difficult challenges on the road to recovery.
Despite the jittery investor sentiment towards equity markets as a result of renewed eurozone fears, Southeast Asia has held up considerably well. Malaysian and Taiwanese markets, where offers have held firm week on week, are experiencing healthy buying activity albeit at lower levels. Malaysian mills in particular have held prices firm week-on-week as they anticipate an increase in buying activity over the next few weeks when large scale construction projects are expected to be awarded. Seasonal construction starts are anticipated to commence by June, with the Malaysian 3-line Klang Valley 150km Mass Rapid Transit (MRT) project starting in July.Despite pockets of strength in the region, the overhanging threat from Chinese output is a constant reminder that the steel industry still faces difficult challenges on the road to recovery. Concern is growing among Japanese steelmakers in particular. Chinese mills, unable to secure...
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