Offers increased by €20-30 ($21-31) per tonne during the pricing period, but lower price indications were given as sources said it was still unclear if higher market levels have been widely accepted by the market.
Fastmarkets’ monthly price assessment for steel beams domestic, delivered Northern Europe was €780-805 per tonne on Wednesday, with the price range widening upward by €15 per tonne from €780-790 per tonne a month earlier on January 15.
Fastmarkets’ monthly price assessment for steel beams domestic, delivered Southern Europe was €780-805 per tonne on Wednesday, also widening upward by €15 per tonne month on month from €780-790 per tonne.
There were mixed reactions from market participants in the wake of US President Donald Trump announcing plans to restore the 25% Section 232 steel tariffs, ending exemptions in March.
Some sources were concerned about the future impact on Europe’s already struggling steel industry.
However, other industry participants said that Europe’s steel market was better protected against imports from third countries due to the steel safeguard measures currently under review.
“I don’t think it will have much impact to be honest,” a trader source said. “[Tariffs] did not have great impact last time [the US president imposed full 25% tariffs in 2018], and today we have even more protection toward imports, which will help preventing EU being overflooded with materials from countries that supply large quantities to the US.”
Meanwhile, scrap feedstock costs in Turkey’s bellwether market rose in the month.
Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $351.58 per tonne on Wednesday, down by $24.58 per tonne month on month from $327 per tonne.
