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Kallanish Steel Weekly: Market optimism deflates in April (May 9, 2023)

Ferrous prices headed south across the board throughout April as China’s much-anticipated post-zero Covid-19 demand rebound did not materialise. Meanwhile, the European market optimism seen in the first quarter fizzled out and concerns grew over a recession in the US. In Turkey it became clear that post-earthquake reconstruction would not start in the near term and the market is practically frozen until after May’s elections.

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