Outlook for steel orders and prices falls
Print Edition
EXPECTATIONS among Chinese steel market participants for new steel orders and prices in October have plunged and rising steel inventories could further crimp hopes for a price recovery, global commodities information provider Platts said yesterday.
The latest Platts China Steel Sentiment Index, based on a survey of 50 to 75 China-based market participants including traders, stockists and steel mill operators, showed a headline reading of 35.47 out of a possible 100 points in October.
The index reflects hopes of market participants. A reading above 50 signals a rise and one below 50 indicates a drop.
The October index fell 20.17 points from September’s 55.64 points.
The outlook for new domestic steel orders slumped by 20.89 points to 36.07, while export order hopes fell 6.3 points to 28.27.
Price expectations for flat steel products, such as hot-rolled coil, are pessimistic, plunging 34.29 points from last month to 10.71 in October, the index showed.
“The October index was conducted before China’s National Day holiday which could partly explain why steel market participants expected demand and prices to soften further,” said Paul Bartholomew, Platts analyst on steel and steel raw materials.
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