German steel and industrial group ThyssenKrupp expects global steel prices to stay soft for up to five months.
As reported by Reuters
Increased Steel production in the first quarter, combined with high stock levels at service centres and re-processors and reduced demand from China have combined to keep pressure on price.
I would add that talking to the trade in the UK that low demand from the end users, particularly the automotive industry must be playing a significant role in holding back prices. Most producers however are resisting price reductions and are cutting back on production to help protect them. Continuing high stock levels in some areas do mean however that there are “spot” deals at good prices to be found.
Novolipetsk Iron & Steel Corporation one of Russias most modern steel producers was quoted earlier this week that it was forced to cut production in the face of weakening global demand. Full story here