“December rolling is booked in Europe,” said a trader in northern Europe, who expects little purchasing activity in the remainder of 2023.
Fastmarkets heard of offers in a range from €730-750 in the past seven days that were only “partly booked.”
Fastmarkets’ weekly price assessment for steel beams, domestic, delivered Northern Europe was €730-750 ($780-802) per tonne on Wednesday, widening downward from €740-750 per tonne a week earlier.
Similarly, Fastmarkets’ weekly price assessment for steel beams, domestic, delivered Southern Europe was €730-750 per tonne on Wednesday, widening downward week on week from €740-750 per tonne.
Sources have reported production cuts and mill shutdowns in recent weeks while consumption from the construction sector has weakened against a negative macroeconomic backdrop.
Weak demand has also muted the import market.
Talks between industry participants were also said to be taking place at the Blechexpo international sheet metal trade fair, which is taking place over November 7-10.
Scrap costs in Turkey’s bellwether market rose despite poor sales of finished steel.
Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $373.15 per tonne on Wednesday, up by $15.23 per tonne week on week from $357.93 per tonne.
Published by: Holly Chant