OREANDA-NEWS. November 11, 2013. Since the Fed postponed QE exit and debt ceiling crisis was temporarily solved, global economic and financial crises are relieved. In Europe, employment rate and consumer confidence are getting stronger, economy is recovering slowly.

In China, infrastructure and consumer spending are driving the manufacturing and service industries to expand. In Taiwan, investment and export are slowing down, 2013 GDP might revise downward due to weak domestic demand. IMF estimates 2013 global economic growth rate at 2.9%, lower than 3.1% in 2012. In 2014, global economy is expected to grow by 3.6% due to industrialized countries recovering smoothly and emerging markets getting momentum.

Steel demand in 4th Quarter is still unclear, however, demand in Europe and U.S. are improving and steel prices are holding. After Chinese October holidays, market has not recovered completely yet and inventory climbed slightly. Nevertheless, the Chinese authority announced that they are going to aim at five major industries including steel industry to solve the overcapacity problem. In addition, market prices are stable as consumption and investment are supporting the steel demand. Japan and Korea steel mills are actively looking for the opportunities to raise prices. Asian steel markets are expected to remain stable.

Considering global economy is becoming stable and next year outlook is better than this year, CSC has decided to keep prices unchanged across the board for December shipments.