Plats SBB GMO Apr12 Trial
Transcript of Plats SBB GMO Apr12 Trial
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Page 1www.platts.c om / SBB Co pyright 2012 by Plat ts, The Mc Graw-Hill Co mpanies, Inc .
JSWGroups
SeshagiriRao
April 2012
PricesaresettofirminearlyQ2,butdemandandpriceslikelytoweakenbeforeholidayperiods
WatchGMOEditorMark
Wiggettexpandonthis
monthsforecast.
Visit sbb.com/media/toview
allthevideoreports
Coil Regional Review
Pg 5
Long Product Review
Pg 7
Scrap Review
Pg 8
Plate Review
Pg 7
Global Overview of Production
Pg 9
Formoredetailsvisitwww.sbb.comorcall+442071763800
Available soon!
view!
TheEurozone
crisis
has
eased
slightly,
though
concerns
could
re
emerge
at
any
time
and
any
unforeseen
eventcouldactasatrigger.ThispossibilitycontinuestoaffectbusinessconfidencethroughoutEurope
andislikelytodosoformonths.However,theeurohasstrengthenedagainstthedollarsinceearlyinthe
newyear.Thishasalready increasing the levelof imports intoEuropeand isa trend that is likely to
continueforthenextsixmonths,aspricesarecurrentlyattractive.
Theeconomicpictureelsewherearoundtheworldhasimproved.InNorthAmerica,economicdataand
indicatorshavebeenmorepositivesince late lastyear.Beinganelectionyear,which isusuallygood
newsfortheUSeconomy, isalsohelpingandsomesectorssuchasautomotiveandenergyaredoing
especiallywell.
Economicgrowth inAsia is steadyand steeldemand sinceChineseNewYearhas improved slightly.
Whilethis
should
continue
during
Q2,
sentiment
is
still
generally
cautious.
The
Chinese
economy
continuestogrow,ataslightlymoremodestratethaninrecentyears,butsteeldemandandoutputare
only slowly returning to levels seen a year ago. Some sectors, especially construction, are being
constrainedwhilethecentralgovernmentappearsreluctanttoloosenitspursestrings.
However,apparent consumptionglobally isnow closer to realdemandand stock levelsarebackat
realistic levels as buyers were more cautious than when they overstocked in 2011. Drawdown of
Chinese inventorieshasnotbeenasquickasat this time lastyear.Production levelshave increased
sharplyinFebruarycomparedwithDecember,asdidJanuarysoutputaftersomesignificantrevisionof
ChineseandKoreanproduction.
In US, flat products prices appear likely to rebound upwards after another round of increases by
ThekeyquestionisforhowlongproducerscanmaintainslightlyhigherpricelevelsduringQ2beforetheseemingly
inevitabledropinactualdemandinthesummer.
STEADYDEMANDFORFLATSINUSMEANSSLOWLYRISINGPRICESEARLYINQ2,WHILEEUROPEANPRICESSHOULDALSORISEASSUPPLY
DEMANDBALANCEIMPROVES,COILPRICESINASIASHOULDIMPROVESLOWLY.LONGPRODUCTSPRICESARELIKELYTOFIRMINQ2IN
EUROPEANDUS,UNLESSSCRAPPRICINGDROPSANDAFFECTSSENTIMENT.ASIANLONGSLEVELSSHOULDALSOGAINANDSCRAPPRICES
ARELESSLIKELYTOFALL.
ConnuedonPage2
Global Overview
Pg 4
GMOVideoMarketSenmentSurvey
Steel Price Outlook Expec tations in Marc h (For Next 3 Mo nths)
50%
25%
25%
30%
46%
24%
23%
39%
38%
0% 10% 20% 30% 40% 50% 60%
Increase
No Change
Decrease
% of Respond ents
North America
Europe
Asia & Middle East
Source:TheSteelIndex
http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/ -
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April 2012
Page 2www.platts.com/ SBB Co pyright 2012 by Plat ts, The Mc Graw-Hill Co mpanies, Inc .
producersarrestedthedeclineinMarch.InEurope,spotflatspricescouldkeeprisingduring
early Q2, though mills need to ensure real demand is matched by actual output levels
throughoutQ2.Longproductspricing inmaturemarketsshouldcontinuetobefirmunless
demandfallsorweakeningscraplevelspushpricesdown.
Asianpricesshouldbefirmorrisinginatraditionallystrongquarter,whileChineselevelswill
alsogain,
as
demand
increases
and
stock
levels
are
drawn
down.
TheMiddleEastmarketsforlongproductsareslightlyfirmerwhichencouragedexportersin
Turkeytopushforhigherprices,thoughthesewereonlyachievedinafewmarkets.Export
prices for CIS products, both flat and long, have also strengthened after early March
weakness,asdemandimprovedinkeyexportmarkets.
ScrappricesgainedduringMarchexceptinUSAwheretheyremainedstable.Pricesusually
dropatthestartofQ2asbetterweatherleadstohighercollection,butinternationaldemand
in Turkey, IndiaandAsia is keepingexport levels firm. Ironoreprices slowlybut steadily
increasedinMarchalthoughChinesebuyershavebeencautiousintheirreturntothemarket.
Oreprice levelsare likelytocontinueto increaseslowly inthenextfewmonthsso longas
Chinesesteelproductionremainsatcurrentrates.
Thelikelyscenariosforthenextthreemonthsare:
USflatsspotpricesarelikelytoriseslightlybutwillnotbesustainedthroughoutQ2
andcouldweakenby theendof thequarter.Realdemand is likely tobe firmdue to the
generaleconomicimprovement,but increasingproductionlevelsandimportscould leadto
marketweakness.
NorthernEuropeancoilspotpricesare likelytoriseduringAprilandearlyMay,but
cautiousbuyersdestockingaheadofthesummershutdownsandgrowingimportswillmake
furtherincreasesmoredifficult.Outputlevelshaveincreasedafterbeingcutbackattheend
oflastyearand,ifthiscontinuesduringQ2,priceswillfallasoutputexceedsactualdemand.
SouthernEuropean flatproductsprices remained steadyduringMarch,buthigher
productionlevels
have
run
ahead
of
demand
preventing
the
small
increases
seen
in
the
north.DemandshouldcontinuetobefairduringearlyQ2but, ifmills increaseoutputand
importlevelskeeprising,producersmaystruggletoachieveanysignificantgains.
PricesofcoilsintoAsiahaverisenslowlybutconsistentlysinceJanuary.Sentimenthas
beenweak but improving, and demand should be strong during Q2. Prices are likely to
increasefurther inthesecondquarter,andshouldthenremainstrongerfor longerthan in
otherregions.
DomesticChineseflatspricinghasbeenfirmingduringlateQ1,anddemandisexpected
InEurope,spotflats
pricescouldkeeprising
duringearlyQ2,though
millsneedtoensurereal
demandismatchedby
actualoutputlevels
throughoutQ2
USflatsspotpricesare
likelytoriseslightlybut
willnotbesustained
throughoutQ2andcould
weakenbytheendofthequarter.Realdemandis
likelytobefirmdueto
thegeneraleconomic
improvement
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8/2/2019 Plats SBB GMO Apr12 Trial
3/11
April 2012
Page 3www.platts.com/ SBB Co pyright 2012 by Plat ts, The Mc Graw-Hill Co mpanies, Inc .
PricesinAsiahaverisenslightly,inlinewithbillet
andscraplevels,andare
likelytoconnueto
increaseintoQ2
Pricesarestarngto
turnupwardsdueto
strikesandbadweather
inAustralia.Anyincrease
indemandinthenext
fewquarterscoulddrive
pricesupwards
Mostregionsshoweda
smallincreaseindaily
output,thoughactualEU
27produconrose
to improve furtherhavinggrown so far thisyearaboveend2011spoor levels.However,
output too appears to have rebounded upwards during Q1, though stock levels are
reasonable,andpricesshouldincrease.
Longproductspricingshouldbefirm inEuropeandUSduringAprilandMay,after
recentslightweakness.Demandmaynotriseashighasistypicalforthecomingconstruction
season,andpossiblyfallingscrappricescouldhaveadepressingeffectonpricing.Prices in
Asiahave
risen
slightly,
in
line
with
billet
and
scrap
levels,
and
are
likely
to
continue
to
increaseintoQ2.
Thespotmarket for63% ironoreshouldcontinue toriseslightlyafterthesteady
upwardsmoveduringMarch,withpricesfinishingthemonthatUS$148150/dmt.Pricesare
likely to firm furtherasmoreChinesebuyers restock.Shippingandweatherproblems for
suppliersshouldimprove,butIndianavailabilitywillfallasthemonsoonwillbegintoaffect
deliverieslaterinQ2.
IronorequarterlycontractcostsforQ1,JanuarytoMarch,haverisenslightlyfromQ4
levelsbutarenowwellbelowspotmarket levels.Customerscontinuetomovetocurrent
quarter,currentmonthorspotpricingwhichmorecloselymatchthefreemarket.
Scrappricescould fallduringApril inmostmarketsascollection rates riseas the
weatherimproves.However,exportdemandhasbeenstrongandcouldrisefurther,soprices
mayremainsteady.Europeandomestic levelsstrengthenedduringMarchandpricescould
remainfirm ifmilldemand increaseswhileexportsarestrong.Asianmillsscrapdemand is
likelytoincreaseoverthenextfewmonths,ifsteeldemandrises,whichshouldkeepprices
firmandabsorbanyexcessmaterialinEuropeandNorthAmerica.
SpotcokingcoalpricescontinuedtoweakenduringMarch,sendingcontractlevels
lower. However, prices are starting to turn upwards due to strikes and bad weather in
Australia.Anyincreaseindemandinthenextfewquarterscoulddrivepricesupwards.
Lookingaheadtothethirdquarterof2012,producers inUSandEuropewillbehopingto
keeppricesstabledespitetheanticipatedfallindemandaroundthesummerslowdowns.In
Asia,producerswilltrytoconsolidateanypricerisesachievedduringQ2,asofftakedoesnot
usuallyfallsignificantlyandproductionlevelsarelikelytobeinline.
WSAfigures
show
that
global
output
fell
by
3million
tonnes
(m
t)
in
February
compared
with
therevisedJanuaryfigureof122.2mt,whichisupfromthepreviouslyreleased116.7mtas
bothChineseandSouthKoreanproductionhavebeensubstantiallyrevisedupwards.Daily
productionrose4.2%asFebruaryisashortermonth.Chinesemonthlyproductionwasdown
slightlyto55.9mt,butthiswasa5.3% increase indailyratefromJanuarysrevisedoutput
and the twomonth total shows a rise of 2.2% from last years output. South Korean
productionforJanuarywasalsorevisedupwardsby339,000tonnes.
Mostregionsshowedasmallincreaseindailyoutput,thoughactualEU27productionrose.
Actualmonthlyproduction fell inTurkey,CIS, IndiaandNorthAmerica,whileotherAsian
countriesandSouthAmericamaintainedtheiroutputlevels.Thegrowthinglobalproduction
sofarin2012is0.6%above2011,andtheyeartodatetotalis241.4milliontonnes.
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om/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.thesteelindex.com/http://www.steeldaily.platts.com/ -
8/2/2019 Plats SBB GMO Apr12 Trial
4/11
April 2012
Page 4www.platts.com/ SBB Co pyright 2012 by Plat ts, The Mc Graw-Hill Co mpanies, Inc .
Stockholderdemandwill
onlybeforreplacement
oractualdemandas
restockingappears
complete.Enduser
oakeshouldimproveat
thestartofthesecond
quarter
Produconlevelshave
rebuiltsharplyin
February,butthe
strongercurrencyand
beerpricelevelsarelikelytohavearacted
moreimportmaterialfor
arrivalnowandinthe
nearfuture
Millswereunableto
increaselevelsfurtherin
March,buttheycould
nowriseagaininAprilif
Asianmarketsimprove
GLOBALOVERVIEW
USflatsspotpricesmoveddownwards
duringMarch but anotherUS$ 30/st
announced increase in midMarch
held prices steady. However, the
actual price increases were notaccepted by buyers, but transaction
levelswillmoveup slightly from the
startofApril.Stockholderdemandwill
only be for replacement or actual
demand as restocking appears
complete. Enduser offtake should
improve at the start of the second
quarter.
In Europe, prices have risen strongly
sinceJanuary,buttheincreasesstalled
inMarchandproducersnowhaveto
pushagaintosecurehigher levelsfor
AprilandMay.OfftakeisstillfairinAsiaandflatsandlongspriceshavebothmovedslightly
upwardsduringMarch.Sentiment isslightlybetter,butthere isstillanairofcautionfor
mostbuyers.DomesticChinademand for flatshasbeen firmerduringMarch,but rising
outputhaskeptpricessteadyandinventorieshavenotbeendrawndownasquicklyasthis
timelastyear.
Longproductsconsumptionisnotasstrongaswouldbeexpectedfortheseason,butprices
have risen steadily during March. Chinese export prices have risen slightly following
regionalmarketslevels,butattemptstosecurehigherlevelswereinitiallyunsuccessful.
InUS,pricesforcoilproductsfellduringMarchbutanotherproducerincreaseappearedto
stopthe
spot
market
dropping,
though
prices
had
not
begun
to
increase
by
the
end
of
the
month.Production levelsremainedhigh inFebruary,andseem likelytocontinuetorise in
March.Platepricesrosebutthenweakenedagain,whilerebarproducerskeptpricessteady
afteracceptingthedecreaseatthestartofMarchasthescrappricingmechanismdropped.
Prices for flat steel products in European markets rose slowly during March. European
producershave achieved theirQ1price increases,but apparentdemand is likely to slow
down. Stockholders are not likely to restock, and there may even be some destocking
activity before the end ofQ2. Further
smaller increasesappear likelyforApril
and maybe May bookings. Production
levelshave rebuilt sharply inFebruary,
butthe
stronger
currency
and
better
price levelsare likely tohaveattracted
more import material for arrival now
andinthenearfuture.
Prices for HR coil in Asia increased
slightly, and CR andHDGalvanised coil
prices also rose by similar amounts
duringMarch.Theyareallexpected to
rise further as offtake should improve
duringQ2.FlatproductspricesinChina
have increased slightly thanks to
stronger
demand,
but
some
mills
have
announced unchanged list prices for
AprilandMay,whichmayputacapon
the spotmarket. Export prices for flat
Graph1
HRCoilUS$/t
Graph2
European Coil Euro/t Ex-works
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