The European domestic long steel market remained subdued in the week to June 4, as demand failed to recover following recent holidays, with participants citing seasonal slowdown and regulatory uncertainties – particularly around the Carbon Border Adjustment Mechanism – as key overhangs.
Tradable values for rebar were largely unchanged week over week, reported at Eur650-660/mt delivered to Germany, and Eur625-630/mt delivered to Belgium. One trader noted ex-works levels around Eur615-620/mt in Benelux, reflecting limited transactional movement and persistent buyer caution.
“Mills are struggling to keep the price — it’s not brilliant,” said a trading source. “Demand is weak for many reasons; the economy is what it is, and there’s still no clarity on CBAM implementation. We still don’t have benchmark values to work with.”
Medium sections were heard traded at Eur785/mt delivered Benelux for volumes around 2,000 mt, with broader tradable values seen at Eur785-790/mt delivered.
Across the long segment, participants noted the combination of May holidays and the early onset of the summer slowdown had stalled buying appetite. “It takes more time for spending approvals to come through, and activity is slower than expected,” one distributor noted.
Carbon-accounted offers continued to face resistance, with reported premiums between Eur30-65/mt deemed unworkable in the current market. “It’s a good idea, but it’s not working,” one source said. “People are paying for certificates, but the product is still the same.”
Platts assessed rebar at Eur620/mt ex-works Benelux, down Eur5/mt on the week. Platts assessed medium sections at Eur780/mt delivered Benelux, stable on the week.
Meanwhile, Platts assessed both carbon accounted rebar and carbon accounted medium sections at Eur30/mt, stable on the week.
