During the meetings of the 2007 World Recycling Convention & Exhibition hosted by the Bureau of International Recycling (BIR) in Athens, the common belief dominating the markets in
Russia, US and
Europe was that
scrap consumption has increased all over the world and that the
consumption level is expected to rise further, particularly in
Russia, with the addition of new steel capacities. A contrary view is that while there is no expectation of a price fall in the US market in the short run, the general prediction in the European market is that
scrap will see a price correction in the very near future, which will later be followed by a stable trend in prices.