UNITED KINGDOM June 23 2016 6:02 PM
LONDON (Scrap Register): Domestic steel prices across the Nordic region are near a peak. Hot rolled coil sellers expect to be busy until the summer vacation begins, according to MEPS International.
Hot rolled plate selling figures rose as delivery lead times extended and supply tightened. Furthermore, imports became scarcer and more expensive.
Material availability of cold rolled coil became more restricted. Some European producers state that their rolling schedules are full throughout the third trimester. This helped selling figures to rise but further increases are unlikely, in the short term.
Galvanised coil transaction values continued to climb, month-on-month. Sales to the automotive sector are steady and supply is quite tight. Buyers are considering placing orders from Asian mills but such material would not arrive until September or October.
Drawing quality wire rod prices rose again, month-on-month. However, demand is now calmer and the price trend is expected to flatten out.
Delivery lead times for medium sections and beams are stretching. This helped European mills to secure advances in prices. Demand from the construction sector is strong. Limited availability was exacerbated by speculative buying while prices were climbing.
Rebar selling figures are believed to have peaked. Difficulty in sourcing material has eased a little. Prices are likely to slide in the near future in response to lower scrap costs.
Delivery lead times for merchant bar are very short. Selling figures are quite stable but some regional producers have already conceded small discounts.
