Europe has officially extended its steel import tariff for another three years. Steel prices in the EU reached their highest level ever. The reason for this price increase is the consolidation of the monopoly of steel producers in this union. This is likely to be a disappointment for steelmakers and a disappointing news for traders.
The price of stainless steel flat products in Europe surged during the week to Friday June 11 because of an acute supply shortage, sources told Fastmarkets.
A combination of tight supply and strong demand was keeping the European hot-rolled coil market bullish, with the situation unlikely to change any time soon, market participants told Fastmarkets on Tuesday May 25.
Domestic prices for steel hot-rolled coil increased further across Europe over the week to Friday April 16 due to a combination of strong demand and short availability.
The supply shortage in the European steel market, which has been driving up domestic prices since late 2020, will persist until the end of this year at the very least, market sources told Fastmarkets.
The European wire rod market was calm in the week ending January 6 as the holidays continued.
Beam prices rose in Europe before factories returned to the market after the New Year holidays.
Turkish steel mills continue to stockpile scrap shipments. Given that the increase in the price of steel products, especially billets, has also affected the price of scrap.
Domestic hot rolled sheet prices rose in northern Europe on December 1 due to a shortage of materials.
European rebar manufacturers are looking for high prices, citing small stocks and rising production costs.