Fastmarkets’ weekly price assessment for steel beams domestic, delivered Northern Europe was €730-750 ($772- 791) per tonne on Wednesday, with the price range narrowing by €10-30 per tonne from €720-780 per tonne a week earlier.
Similarly, Fastmarkets’ weekly price assessment for steel beams domestic, delivered Northern Europe was €730-750 ($772- 791) per tonne on Wednesday, also narrowing by €10-30 per tonne from €720-780 per tonne a week earlier.
Market participants had a gloomy steel demand outlook for the rest of the year, with one trader in northern Europe saying that steel industry companies were struggling due to the lack of trading.
Steel demand in the European Union, as well as in the United Kingdom, is forecast to fall by 5.1% overall in 2023, but growth is expected in 2024, according to Worldsteel.
A second source said they did not expect prices to fall much further due to rising energy costs with the winter season approaching.
The EU is reportedly considering extending an emergency gas price cap that was introduced in February due to uncertainty and concerns over energy costs in the region.
Meanwhile, scrap feedstock prices in Turkey’s bellwether market fell, with poor finished steel sales pulling down the market.
Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $347.65 per tonne on Wednesday, down by $11.85 per tonne week on week from $359.50 per tonne.
Published by: Holly Chant