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NW Europe rebar prices fall on weak demand and scrap - 3 July 2012

Rebar prices across northwestern Europe have fallen by €5-10/tonne in the last fortnight on cheaper scrap and weak demand, market participants told Platts Steel Business Briefing.

According to regional sources in Germany prices on Monday were down by €10/t to €510-512/t delivered from German mills (depending on quantities) for July delivery. Purchasers are reported to be very limited in quantities with no big orders closed. “€510/t is more the price for the spot market, for large contracts for July delivery. I think prices could even fall slightly below €500/t – the problem is that although stocks are low no large orders have yet been settled”, a producer said.

According to two sources, stocks are now at one month, while according to one source stocks at some buyers are lower than one month.

“In June scrap went down by €20-30/t, and the July settlement is expected to fall a further €20/t, so we have decreased our prices, but nevertheless demand is still weak”, a producer said.

Mills are reported to be planning stoppages of between two and three weeks during July and August. For example, Riva is not working now while Lech Stahlvertrieb will stop from the second week of August for two weeks.

In Benelux prices are reported to be at €510/t delivered, not far from German prices, with very limited buying. In France prices went down as well by €5/t to €255-260/t base prices, taking effective prices to €505-510/t delivered. “In France, demand is reported to be very low with stocks at one month. Scrap prices also pushed domestic prices down”, a distributor said. Scrap prices in France fell in July by €15-20/t.

 

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