EUROPE WIRE ROD: All eyes on scrap market for signs of price recovery

Domestic prices for steel wire rod across Europe remained unchanged this week, but market participants were keeping a close eye on the ferrous scrap sector to see if recent developments there would turn into a sustainable price recovery, sources told Fastmarkets on Wednesday October 9.

Fastmarkets’ index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, fell by 24% from the beginning of August to a three-year low of $218.98 per tonne on October 1, but has since recovered slightly to $226.21 per tonne on October 9. “We’ve had an increase in scrap prices, finally, so I don’t think we’ll see any more decreases [in prices for steel rebar or wire rod]. We’ve hit the...

Published

Ross Yeo

October 09, 2019

18:48 GMT

London