OUTLOOK: Long steel market to remain unstable in Q3 despite expectations for improvement, Irepas says

While global long steel production is expected to recover quicker than demand, which could put pressure on market prices, the outlook for the next quarter is unstable due to a lack of demand and low pricing, the International Rebar Producers & Exporters Association (Irepas) said this week.

Supply and demand have worsened in the European Union due to a lockdown among most world economies.
It is highly likely that the EU will experience a depression after the lockdown and that many insolvencies will emerge, with banks and credit insurance companies either not able or not willing to support the needs of the economy via cheap lending and by maintaining coverage limits, Irepas said, adding that unemployment in the EU could reach levels last seen in 2008 and 2009.
As such, international business could be further restricted.

"We may see more protectionist decisions. The European Commission is already considering lowering the quotas for steel imports. Exporters will feel more pressure with the declining international trade volumes, especially in the markets dominated by Russian suppliers, who have no concerns about raw material or energy prices and who have the cheapest production costs. Therefore, overcapacity...

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