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What ended August for the global steel market

What ended August for the global steel market

The global steel market in August were heavily influenced by monetary factors. The quotations for rebar in Russia began to grow in the beginning of the month. The reason for this was the fact that the ruble has weakened. It also had an impact on the rolled sheet. A similar case happened in China. Then increased export quotations for steel. Then actively moved the Renminbi. Another similar situation was observed in Turkey.

In may, Turkey has suffered from currency fluctuations. Then the rate of the Lira plummeted. The drop was 20% against the dollar. As soon as everything calmed down more or less happened new devaluation. Lira literally fell to 40%. It happened in the beginning of the month. The local currency reached almost to 7 per dollar. Then the exchange rate is slightly rolled back. However, any stability to speak of.

A strong decline has been visible demand for rental in Turkey. Mostly it comes to construction products. In August, the rate reached the minimum level. Earlier, the Turkish government actively imported these products. Here, the situation changed radically. Turkey started to export. Also much cheaper scrap. In the end, this led to a decline in prices for Turkish products.

In China, things are different. Local companies relied on the domestic market. It was observed a significant activity in the beginning of the month. In the second half of August, quotations for rebar reached its climax. They made 4418 yuan per ton. This is the highest figure for the last seven years. But immediately after this began the fall. However, in China, the products are still more expensive than abroad. In September the rental prices might rise. However, this is possible only in the European market.

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