European domestic steel sections prices softened in the week to Nov. 24, as sources cited slow demand.
S&P Global Platts’ European medium sections price (category 1, S235 JR) was assessed at Eur985/mt delivered Nov. 24, down Eur15/mt on the week.
One Benelux-based distributor source cited a workable level for medium sections category 1 in the domestic market at Eur995/mt delivered, expecting that prices might move lower next week. The source also noted that demand was quiet as customers were expecting prices to soften further as the year-end approaches.
A second distributor source in the Benelux region cited slow demand but noted that prices were stable on the week at Eur970-Eur980/mt delivered for medium sections category 1.
The source told Platts that mills were planning to increase prices for the second half of December order amid high energy costs, strengthening scrap and strong order books.
“In Belgium, prices are not going down. Also, for rebars and wire rods, big players are placing big orders,” he told S&P Global Platts. For orders placed at the beginning of December, shipments will be made in January, he told Platts. There is a bottleneck for transportation, which is currently a big issue in the market, he said, adding that the steel industry does not pay the best rates for transportation, so truck drivers prefer to take shipments for other products.
In Northern Europe, the S&P Global Platts November assessment for domestic shredded scrap was at Eur410/mt delivered Nov. 10, up from Eur380/mt in October.
Meanwhile, domestic rebar prices in Northwest Europe also softened on the week. Platts assessed TSI Northwest Europe Rebar at Eur790/mt ex-works Nov. 24, down $5/mt on the week.
One distributor source cited tradable levels for domestic rebars at Eur805/mt delivered.
One Italian mill source put mill offers for rebars to Germany at Eur800/mt delivered, noting that demand was quiet.
One seller source also cited workable levels for rebars in the Northwest European domestic market at Eur810/mt delivered.
— Rabia Arif, Staff
