Fastmarkets’ weekly price assessment for steel beams, domestic, delivered Northern Europe was €690-755 ($734- 804) per tonne on Wednesday, down by €10-15 per tonne from €700-770 per tonne a month earlier on March 20.
Similarly, Fastmarkets’ weekly price assessment for steel beams, domestic, delivered Southern Europe was €690-755 per tonne on Wednesday, down by €10-15 per tonne month on month from €700-770 per tonne.
Sources told Fastmarkets there was heavy downward pressure from stockholders and traders due to slow consumption and a depressed European economic outlook.
In its Winter 2024 Economic Forecast in February, the European Commission revised its growth outlook for the EU in 2024 to 0.9%, down from 1.3% in its autumn 2023 forecast.
Inflation in Europe is expected to fall to 3% this year from 6.3% in 2023, according to the forecast.
Many market participants were attending the Tube Trade Fair in Dusseldorf at the end of the latest pricing period, from April 15-19, with price movements traditionally following the event.
Scrap prices in Turkey’s bellwether market have remained relatively stable so far this month.
Fastmarkets’ calculation of its daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $378.74 per tonne on Wednesday, up $3.31 per tonne month on month from $375.43 per tonne on March 18.
Published by: Holly Chant
