European domestic steel sections prices continued to gain in the week to June 9 amid limited supply, market sources told S&P Global Platts.
S&P Global Platts European medium sections price (category 1, S235 JR) was assessed at Eur960/mt delivered June 9, up Eur10/mt week on week.
One European mill source noted mill offer and deal values at Eur970/mt delivered, as the mill aimed to achieve Eur1,000/mt delivered by the end of the week. Strong demand and limited supply is helping mills push prices higher, the source told Platts, adding that other mills are already offering at Eur1,000/mt delivered. Offers are for July production with deliveries expected in the second half of July.
However, “German mills have very little material left to sell in July and they are offering August production and at above Eur1,000 for category 1. Prices in Germany are higher, but Italy is getting close to Germany’s levels,” he told Platts.
One distributor source in the Benelux region also reiterated strong demand as prices for long steel products continued to rise during the week.
“The more the mills increase their prices, the more they sell. Prices are increasing on a weekly basis. I am hearing [that the trend] is not going to stop. Orderbooks are full, so I don’t see any change in prices till September,” he told Platts.
The source also emphasized that the German market is pushing overall prices for long steel products in Northwest Europe higher. The source put a tradable value for medium sections (category 1, S235 JR) at Eur950/mt delivered Benelux.
— Rabia Arif, Staff
