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European steel market remains tepid owing holidays and low Chinese offers

Steel market in Europe remained stagnant last week with general price trend edging down.

All products have lost some ground in term of prices during last 15 days except scrap that is remaining, mainly in Turley, basically at the same level.

Low activity also because ongoing holiday period in some countries such as Germany and North of Europe and expected (end July to end of Aug) in some other such as Italy and Spain.

HRC prices are still keeping some position only because the good situation of the Russian domestic market together with the Iranian one are absorbing majority of the local production avoiding pressure on export.

De-bars price is falling because of coming Ramadan with major buyers of North Africa already well furnished.

Wire rod also in difficulty with even worst perspectives as USA have now decided to sustain Ukrainian de-bar and wire rod export i. o. the Turkish one to protect their strategic position.

HRP demand is declining as well as the price under the pressure of Chinese offers coming at around USD 560 to 570 per tonne CFRFO basis.

Source – Strategic Research Institute

(www.yaang.com)

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