Prices for steel rebar and ferrous scrap are likely to get continued supported from the weakness of the United States dollar and healthy demand in the coming few months, the International Rebar Producers & Exporters Association (Irepas) said this week.
The US dollar has depreciated by 6.31% against the euro and by 5.65% against sterling since the beginning of the year, according to exchange rate site XE.com.Ferrous scrap prices have corrected downward since mid-January, due to lower demand for Turkish rebar and weaker market expectations, but Irepas believes that they are unlikely to drop much further."The weaker US dollar coupled with the increased balancing of world trade will probably mean that prices for steel and scrap will [remain] somewhat elevated compared with recent years," the association said on Monday February 5."[We hope that], after the Chinese new year holiday, the market will move again and scrap prices will rebound, pulling rebar...