According to MEPS, Russian trading houses expressed reservations over the necessity of the latest round of price hikes. The majority stress that the initiative is unsustainable and does not reflect real demand. End-users are exhibiting little urgency to purchase material, even with discounts granted.

The Indian steel market has been unsettled by pre-budget expectations, weak market fundamentals and volatile raw material costs. Attention is being paid to the negotiation of coking coal and iron ore contracts.

The outlook for the Ukrainian market is unchanged. Long product steel sales fell and are unlikely to recover until the construction season restarts. Meanwhile, steel production has been disrupted due to raw material shortages.

The business climate remained unsettled in Turkey, this month. Local service centres plan to keep stocks low in the near term and are purchasing cautiously. Construction demand is lower than anticipated. Flat product buyers are reluctant to take positions, amid changeable domestic and foreign quotations.

Price volatility unsettled buying activity in the United Arab Emirates, this month. Local traders are extremely reluctant to purchase material in, what they deem as, precarious trading conditions. Several firms plan to observe the global reaction to the re-opening of the Chinese market. In early trading, Emirati rolling mills opted to lower their selling figures.