REVIEW OF 2011: Political unrest in Mena unsettled CIS billet export market
Dec 28, 2011 | 04:14 AM
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Billet producers in the CIS started 2011 with an optimistic outlook thanks to what looked like a promising export market in the Middle East and North Africa (Mena) region.
CIS mills had also been cautious enough to keep their production levels at 60-90% of capacity to avoid being caught out by high stock levels and falling prices and demand.
No one was prepared for the Arab Spring, which started in Tunisia in January, then quickly spread to Egypt, Libya, Saudi Arabia and Bahrain.
The political turmoil in Egypt meant that market participants withdrew from the CIS billet market, as people took to the streets to protest against Hosni Mubarak, then president of Egypt.....
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