The global long products market has not yet seen any changes for the better. The construction sector everywhere is experiencing a depression or a full-blown crisis. In Europe, for example, new construction continues to decline. Demand for construction rolled products is also declining in Turkey. Even in the Gulf countries, previously announced major projects are being postponed or suspended.
In China, domestic rebar prices continue to fluctuate within a relatively narrow range. Apparent consumption is relatively good, but soon the rainy season will start in the region, when construction traditionally slows down. The same can be said for other countries in East and Southeast Asia. In mid-May, there was increased activity in the market for commercial billet there, but buyers were mainly distributors.
Relatively low freight costs are reopening the Middle East market to Southeast Asian suppliers. In particular, sales of billets from Malaysia and Vietnam to Turkey have been reported. There are quite a lot of companies on the market ready to offer their products quite cheaply, so the overall price level is quite low. And there is no reason to expect an increase in the foreseeable future.