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According to the report, purchase decisions are being delayed, with Chinese traders seen shorting the market.
SEATTLE (Scrap Monster): The Short Range Outlook (SRO) -November 2022 released by the International Rebar Exporters and Producers Association (IREPAS) suggested that demand in global long steel products market is at crisis levels. The demand is either zero or at very low levels and much lower than supply levels. Also, it predicted that demand levels are unlikely to show improvement in the coming months. The report also indicated notable slowdown in demand for ferrous materials.
According to the report, purchase decisions are being delayed, with Chinese traders seen shorting the market. The warm winter conditions have softened energy prices, but they are at the risk of shooting up any time.
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The global long steel markets have been badly impacted by lack of momentum in private sector construction activity in the EU region. The most badly affected are the small and medium-size cut and benders. Meantime, the domestic mills in the EU region have put in all efforts to maintain prices at certain levels.
The U.S. market outlook too has turned to a more unknown or negative territory, more or less in line with the international market trends. The expectations of cut in raw material prices have accelerated the hopes for correction in prices, as a result of which most service centres are seen unwilling to replenish their inventories in a hurry.
Furthermore, the aggressive prices from Asia have kept international rebar markets under pressure, IREPAS SRO noted.
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