Our 62nd meeting was held in Budapest on June 6-8. There were 92 producer representatives amongst the 241 attendees from 45 different countries. The meeting had to be postponed due to air traffic problems in European air space back in April.

Traders’ Committee concluded the demand was low in the market in general, resulting in a situation of oversupply. Rebar and Wire Rod Suppliers Committee chairman Mr.Al Saadi sad that considering expectations that iron ore prices will further increase in the third quarter and given current demand levels, oversupply remains the main problem and it can only be solved by less overproduction in the short term.

Stating that the crisis had taught producers how to adjust their production to demand levels, the IREPAS chairman Mr. Dalbeler said that producers would continue adjusting their capacity usage in line with sales.