Traders at IREPAS: Weak euro is a positive signal for trade

Tuesday, 24 March 2015 09:59:00 (GMT+3)   |   Istanbul
       

Speaking on March 24 at the SteelOrbis 2015 Spring Conference & 72nd IREPAS Meeting in Paris, Bernd Neuenkirchen from C&F International, the chairman of the traders committee, said that the committee discussed the ups and downs in the scrap market. He said that North America constitutes a bright spot, in comparison to the EU and other markets. While competition has increased, demand for rebar in North America has not been too bad despite harsh winter conditions.
 
Mr. Neuenkirchen also pointed out that the bad weather conditions in the northeastern US did not affect the steel industry as bad as it did last year when demand and GDP experienced a fall due to harsh winter conditions.
 
The traders committee chairman indicated that the weak euro has certainly changed the picture in the market, and this is a positive thing for traders, meaning there will be a wider range of supply sources, with European mills suddenly coming into picture.
 
Regarding China, the C&F international official said that trade actions against China have changed the picture a little bit in the US and Canada, and as a result either China is out of these markets or its volumes are lower. In response to a question on whether US producers will continue to pursue trade action against Turkish rebar exports, he said he believes the US producers will ask for a review.
 

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