It is reported that steel semis exports in August fell by 382,000 tons MoM to 730,000 tons bringing January to August 2010 performance 0.4% lower than the previous year output. Revenues from sold semis declined even further by 38.9% MoM, signifying lower prices for semi manufactured steel.
According to Millennium Capital analyst, “The news is negative for the Ukrainian steelmakers. The drop of semis exports is caused by the lack of Middle East demand due to Ramadan. This year semis exports’ Ramadan break is almost 3 times as deep as last year. Nevertheless, the September figure should improve since the average prices for semis rose by 10% in September in anticipation of the Asian market picking up.” (Millennium Capital)
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