Weak demand continues to weigh on Northern European steel longs market

Consumption remained subdued across the Northern European rebar and wire rod market in the week to Wednesday May 29.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was €630-650 ($682-704) per tonne on Wednesday, stable week on week.

Few trades were reported given ongoing weak demand and pessimistic sentiment, market participants told Fastmarkets.

“There have been few trades as demand is slow,” a trader source said.

The corresponding Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), domestic, delivered Northern Europe was €615-650 per tonne on Wednesday, widening down by €10-30 per tonne from €645-660 per tonne on May 22.

Offers in Germany for mesh quality wire rod were reported at €615-625 per tonne, while higher offers of €625-650 per tonne were reported throughout the rest of Northern Europe.

Meanwhile scrap prices remained largely stable week on week.

Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $375.16 per tonne on Wednesday, up just $1.60 per tonne from $373.56 per tonne a week earlier.

Published by: India-Inés Levy