Most market activity was seen this week in the North of Europe, but even there trading slowed down ahead of Easter.
“This is a short week [with a holiday on Friday], so we have not had many new orders. I guess the buying will pick up next week [after the similar holiday on Monday], because some construction sites were expected to reopen and buyers were generally running low on stocks,” one trader in Northern Europe told Fastmarkets.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe
, was €480-500 ($522-543) per tonne on April 8, stable week on week.
Market participants that spoke to Fastmarkets expected higher prices after the Easter break, mainly on bullish sentiment for the key raw material, ferrous scrap.
A recovery in international scrap trading...