Demand is slowing in long steel markets across the globe as the holiday season approaches, Irepas said.
Trading may remain subdued until the Chinese New Year holiday and long steel prices may decline in the coming weeks, sources said.
The first-quarter outlook for 2022 is largely stable, despite fluctuations in some regions. High producer costs are likely to protect steel prices from a significant decline, Fastmarkets understands.
“There is an energy shortage, and the cost of energy is higher. Moreover, since steel production is already at pre-pandemic levels and since that keeps alloying elements, refractories and electrodes all at high...