Long steel prices said on course for new floor

May 15, 2013 | 02:00 PM | Sean Davidson

Tags  Irepas, International Rebar Exporters and Producers Association, rebar, long products, scrap, steel, Sean Davidson

NEW YORK — The embattled long steel products market is likely heading toward a new pricing floor and any rebound is a long way off, according to a short-range forecast by the International Rebar Exporters and Producers Association (Irepas).

"(The) situation in general is very difficult, as the market is looking for a new direction and is probably heading towards a new baseline," the association said last week in its May forecast.

"The outlook still does not look very bright in the short term," Irepas said. "Consumers are trying to forecast the second half of 2013 but still see clouds on the horizon. After a long-standing low and flat market trend, we may see some improvements during the last quarter of the year."....

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