Wednesday, February 02,
Demand for steel seems to be strong in the Middle East. But demand from Iran, which helped power the 2010 gains in steel billet prices, has “gone to sleep” as a buying spree has ended there, said a trader.
North African demand is being overshadowed by political tensions in Egypt and Tunisia, the trader added.
Abu Dhabi’s Emirates Steel said that it increased its finished steel output by 17.5 percent in 2010 and is betting on a recovery in the Gulf construction sector to boost demand in 2011.
“You’re probably going to see a relatively flat market through February,” the trader added of the wider market.
Demand for steel in the developed world will only return to pre-crisis levels in 2015, said the head of the world’s largest steelmaker ArcelorMittal
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