The International Rebar Producers and Exporters Association (IREPAS) predicts that the global decline in long product demand will not improve in the coming months and more steelmakers may face production cuts and shutdowns.
Uncertainty regarding energy costs and demand disruptions led to order cancellations. The slowing of purchases by buyers and the cheap selling of goods by Chinese traders significantly affected the demand for scrap, increasing the damage in the market.
Further price pressure from Far East and Southeast Asian steelmakers and the participation of Middle East countries in the low price rush caused the loss of competitiveness in the Turkish steel market, which has become a battleground for Russian, Indonesian and Chinese billets.
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