OUTLOOK: Uptrend in long steel market to continue in Q1, further prospects unclear, Irepas says

The prospects for the global long-steel market for the first quarter of 2021 remained rather optimistic, with upward momentum in pricing expected to continue, supported by short supply, although the outlook for the second quarter was unclear, the International Rebar Producers & Exporters Association (Irepas) said last week.

Overall, regional markets across the globe performed well in the fourth quarter of 2020, with prices hitting historical peaks in some regions, pushed by good demand and increasingly short supply.
The supply tightness in Europe’s long steel products market was expected to persist in January-March 2021, exacerbated by maintenance outages at key producers.
Prices for rebar and wire rod across the EU states rose repeatedly from late November 2020, pushed by both surging costs and shortages in scrap.
And a gradual recovery of key steel-consuming industries, alongside a bullish scrap market, were expected to push long steel prices further upward in Europe.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe, narrowed upward to €630 ($770) per tonne on January 6 this year, from €600-630 per tonne at the end of 2020. This was its highest since August 2008.



Julia Bolotova

January 11, 2021

19:15 GMT