This was a change of sentiment from the positive outlook Irepas offered in March.
Although the balance of supply and demand has been maintained in the global long steel market, business remains difficult to transact on a global scale, Irepas said in its outlook report on Friday May 3, leading to the forecast of instability. But shorter-distance regional business was mostly good, it added.
In the United States, domestic mills were said to be reaping the benefits of the protectionist attitude toward international trade adopted under the country’s Section 232 trade legislation, although prices there have also gone down.
US domestic prices “are below logical import prices with the Section 232 duties added. Imports without special exemptions are not working out, [and there are] no exemptions for [rebar] and wire rod imports,” it said.
Irepas reported rumors that the White House intended to spend large amounts of money on the country’s infrastructure, although no...