Buyers were not very active and were postponing their purchases.
“Demand slowed down a lot this week. Customers expect prices to fall and want to keep stock levels low,” one trader told Fastmarkets.
“Buyers expect demand for rebar to be affected by a slowdown in construction in the mid-term due to the delayed effects of the [Covid-19] pandemic,” a producer said. “Many projects have been put on hold by a lack of investment.”
At the same time, producers did not want to step back and cut prices, citing increased output costs.
“The producers don’t want to lower their prices because monthly scrap settlements were closed last week at [prices up by] 40-60 Polish zloty [($10-15) per tonne] month on...