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Challenging business conditions persist in India. Square billet transaction values, denominated in the national currency, softened in all four Indian regions researched by MEPS in May. The downward momentum was fuelled, primarily, by weak downstream demand for finished steel. Market participants are now waiting for the monsoon rains before making purchasing decisions.

Tonnages of CIS billet which were designated for overseas sales was unchanged in May. Neither CIS mills nor traders are selling any great quantities of semi-finished steel products. MEPS sources are not anticipating a significant surge in transaction values in the third quarter.

Domestic billet selling figures in Turkey declined in May. Business confidence has been undermined by mediocre construction activity and declining finished steel product quotations. Distributors and traders are expected to maintain conservative inventory levels next month, due to the close proximity of Ramadan and summer vacations.

Sentiment for billet trading in Taiwan remains poor. For a second successive month, local steel purchasers have negotiated a modest price decrease in a lethargic trading environment. The price premium for imported billet relative to domestic material is now negligible. Foreign billet suppliers are reluctant to offer additional concessions because they are losing money, fearing such measures would be counterproductive and only fuel more price instability