EU LONG STEEL OUTLOOK: Prices to hold firm over September as demand returns

Domestic long steel prices in EU markets are expected to remain largely stable over September with the revival of demand after the summer break and a recovery in ferrous scrap prices, market sources told Metal Bulletin this week.

Market sentiment regarding European finished long steel prices turned more positive after the recent recovery in the Turkish import ferrous scrap price – the global benchmark for the key raw material.
Metal Bulletin’s daily ferrous scrap index for Northern European HMS 1&2 (80:20) closed the day on September 5 at $312.57 per tonne cfr Turkey.
This was up from a trough of $290.73 per tonne cfr on August 17, after the United States doubled its Section 232 import duties on Turkey-origin steel to 50%, and the Turkish lira weakened sharply against the US dollar.

“We are in the...

Published

Viral Shah

September 06, 2018

13:28 GMT

London