“Demand in the global long steel products market has continued to increase recently. In particular, demand in China and [other] developed economies continues to push the market up,” Irepas said on Monday May 3.
“At the same time, international supply has tightened even further. Most mills are offering a few months ahead, contributing to the upward movement of prices. Turkey remains an exception to the positive global long steel demand situation, due to the high interest rates there,” it said.
“Lead times are long in the [global] market, and the entire supply chain is earning profits. Disrupted supply chains and low stocks have created pockets of demand in different areas of the world, which keep driving the market up,” the association said.
“Stimulus programs also help to increase demand. Although there has been news of more capacities coming back on stream, it seems the current situation will continue for the...