Daily steel output plunges 12% in July

Monthly steel production in Ukraine declined 9% mom to 2.6 mmt in July, which implies daily output of 82.3 kt (-12% mom). In 7M12, steel output declined 3.2% yoy to 19.5 mmt.

Roman Topolyuk: The output of Ukraine’s steel sector in July reached a new low on continuing weakness in steel products markets. Some restoration of demand and prices might appear in mid-August on the restocking of steel products by steel traders and consumers, but we do not see a strong recovery in the steel market so far.