Depressed consumption resulted in a pessimistic outlook for the Northern European rebar market, sources said.
Decreasing scrap prices have resulted in further resistance among buyers to accepting higher prices.
Fastmarkets’ calculation of its daily index for steel scrap heavy melting scrap 1&2 (80:20 mix) North Europe origin, cfr Turkey was $375.43 per tonne on Wednesday, down from $377.51 per tonne week on week.
The corresponding Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe was €645-660 per tonne on Wednesday, stable week on week.
Meanwhile, import offers were reported in the Netherlands from Algeria at €590 per tonne cfr. The majority of import offers were reported at around €630 per tonne cfr.
