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***SPOTLIGHT: Bad economy, lack of investment keeps EU rebar market depressed

February 04, 2010 - 11:29 GMT Location: London

KEYWORDS: rebar , Ezz Steel , Libyan Iron and Steel Works , ArcelorMittal Annaba

The European domestic rebar market will remain depressed in 2010 unless there is an unexpected revival in government and private investment in the real estate sector and infrastructure, EU rebar traders told MB

Rebar consumption remains low in Europe due to the sharp decline in investment and the collapse in the economy. “The economy in Portugal is depressed,” said a trader. “The government is still discussing the budget for the year. Due to the deficit in the budget several public works have been cancelled due to the lack of money. The economy is really bad, which is keeping infrastructure and real estate investments low.” Activity in the European market is low, with rebar stockists and fabricators liquidating their existing rebar inventory and only buying small tonnages to replenish stocks of certain rebar sizes. Price increases over the last couple of weeks have been fuelled by rising ferrous scrap costs, rather...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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