Domestic long products prices in Europe remained stable during the week to July 16, as factories and buyers switched to holiday mode, which limited liquidity and weakened any price trends.
In the North-West of Europe, fittings were traded at a price of 600 euros- 630 euros per ton were delivered, while the acceptable level of shipment in the Benelux is estimated at 610 euros per ton. Market activity remained limited, with buyers not showing much of a rush ahead of the August maintenance shutdowns.
"There is no real market right now — everyone has either left or is waiting," the trader said. "The mood is subdued, and we just keep acting until September."
In Southern Europe, the picture was slightly more dynamic, although far from optimistic. Sources in Italy said that the plants are testing higher prices for rebar — 530-545 euros per ton from the plant - in connection with the transition to free stocks before the summer closure. However, many still sent old orders at prices close to 510-520 euros per ton.
"Private construction is at a standstill. Manufacturers are trying to raise prices, but so far no one is in a hurry," said the distributor.
Market participants also noted pressure from lower scrap metal prices, weak demand for private construction, and continued oversupply of goods in parts of Central and Eastern Europe. Competition from imports from Algeria and Egypt continued to put pressure on sentiment.
Steel industry associations have expressed concern about broader risks to trade policy. A source at the distribution company said that the proposed US duties of 50% on some steel exports could jeopardize EU access to one of the last major export markets, further exacerbating the ongoing negotiations between the EU and the United States.
Platts estimated the rebar from Northwestern Europe at 610 euros per ton, and the average long products at 765 euros per ton. supplies to Benelux are stable week after week.
Platts evaluated both carbon-balanced rebar and carbon-balanced medium sections at a price of 30 euros per ton each, both stable week after week.
Devbrat Saha | Riley Waters
Platts.com
