Domestic European long steel prices rose in the week ended Jan. 8, even as market participants awaited clearer signals on demand following the holiday season.
The market’s cautious sentiment was reflected on mixed pricing expectations and ongoing hesitancy among buyers.
A distributor source said that it was still too early to predict the demand trajectory for the first quarter, as many had just returned from holidays.
“We will have to wait and see how the first quarter demand will be,” the source said. “People have just come back from holidays, and it is to early to say what will happen.”
A trader source echoed this sentiment and reported that domestic rebar prices in the EU were at Eur610-615/mt delivered, with limited upward movement expected.
Another trader source highlighted a lack of active discussions with customers regarding European rebar, as mills have indicated potential price increases but have yet to formalize offers. This uncertainty contributed to a wait-and-see approach among market participants.
“For Northwest rebar, I have not really spoken to customers yet,” the source said. “Mills say they will increase prices but no official offers yet.”
Platts assessed Northwest Europe rebar at Eur595/mt ex-works, up Eur10 week over week.
Tradable values were reported in a range of Eur590-635/mt delivered Benelux.
Platts assessed European medium sections at Eur785/mt delivered Benelux, up Eur15 week over week.
Tradable values were reported in a range of Eur780-805/mt delivered Benelux.
For green steel, premiums were reported in a range of Eur50-60/mt for CO2e content around 0 mt, under scopes 1-2. However, sources reported lackluster demand for green steel, citing the fact that long steel is produced through the low-emissions electric arc furnace route, as compared to the blast furnace route for other products.
Platts assessed both rebar and medium sections carbon-accounted premiums at Eur45/mt, stable week over week.
