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Kallanish Steel Weekly: Supply pool for longs widens, China output cuts questioned (May 16, 2023)

Competition has intensified in long products export markets amid slowing global demand and the presence of new supplying countries. The market is pinning its hopes on China reducing steel production, but it remains to be seen how strictly it does this, according to sources at the latest International Rebar Exporters and Producers Association (Irepas) Barcelona meeting summary.

Energy costs have eased but high interest rates remain a challenge in Europe, which is likely to see production cuts over the summer, bringing down scrap prices and orders in the continent, said Irepas raw material suppliers committee chairman Jens Björkman.

Following the EU Waste Shipment Regulation revision, scrap shipments to non-OECD countries will be a major challenge for EU suppliers as they will require long notification procedures, limiting trading ability. Turkey will however not be affected. Within a five-year timeframe, the EU will consume most of the scrap generated in the region since its steel production will shift to electric arc furnaces within the scope of green steel targets, Björkman added.

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